Borrowers awaiting student loan forgiveness have until April 30th to request loan consolidation, which merges federal loans into one. This could accelerate forgiveness, as you'll receive credit for all payments since your first loan, regardless of its disbursement date. However, remember that consolidation may reset the forgiveness timeline, so consult an expert before proceeding.
The Biden administration has forgiven $7.4 billion in student debt for 277,000 borrowers. This is possible through improved oversight of income-driven repayment plans and the Public Service Loan Forgiveness program. Over 4.3 million people have had their federal education loans cleared, totaling $153 billion in aid, since Biden took office.
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.
