There's a limited-time opportunity for student loan forgiveness. By April 30th, borrowers can consolidate their loans to get credit for past payments. This could result in immediate or early loan cancellation for many borrowers under income-driven repayment plans. The consolidation process combines loans and includes payments from your oldest loan. It's important to consolidate before the deadline and ensure accurate payment history to maximize forgiveness benefits.
To get student loan forgiveness, borrowers with multiple federal loans can consolidate them into one loan by April 30. This will qualify them for income-driven repayment plans, where monthly payments are based on their income. Changes in these plans have already led to debt cancellation for many borrowers. By consolidating, borrowers can combine timelines and qualify for forgiveness faster.