Deadline for Student Loan Forgiveness Consolidation Arrives
Borrowers must consolidate certain federal loans by end of Tuesday to qualify for debt cancellation under Biden's program.
- Today marks the final opportunity for borrowers to consolidate federal student loans to become eligible for a loan cancellation program.
- The consolidation involves combining multiple loans into a single loan with a fixed interest rate, simplifying repayment.
- Eligible loans for this one-time adjustment include FFEL, Parent PLUS, Perkins, and HEAL Program loans.
- The U.S. Department of Education will conduct a one-time adjustment this summer to accurately reflect payment counts.
- Borrowers can apply for consolidation through StudentAid.gov, with the process typically taking around 60 days.
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