If you’re looking to achieve student loan consolidation forgiveness, now is your chance. The Biden-Harris Administration has extended the deadline to consolidate your student loans to June 30, 2024. This extension gives you more time to align your loan status and ensure your progress toward loan forgiveness. Don’t miss this critical opportunity to secure your path to debt relief.
Why Consolidate Now for Student Loan Forgiveness?
Consolidating your student loans before June 30 is crucial to benefit from the updated payment count adjustment. This adjustment ensures that your payments, even those made under specific deferment and forbearance conditions, are accurately counted toward student loan consolidation forgiveness under the Income-Driven Repayment (IDR) plans and Public Service Loan Forgiveness (PSLF) program.
What Loans Qualify for Consolidation Forgiveness?
This adjustment primarily benefits Direct Loans and FFEL Program loans held by the Department of Education. Commercial FFEL loans or Perkins loans must be consolidated into Direct Loans to be eligible for the payment count adjustment and student loan consolidation forgiveness (ED.gov).
Steps to Consolidate for Loan Forgiveness 
- Identify Your Loans for Consolidation: Check your loan types on StudentAid.gov. Look for loans marked as “Direct,” “FFEL,“ or “Perkins” (ED.gov).
- Submit Consolidation Application: Apply online through StudentAid.gov to consolidate your loans.
- Certify Employment for PSLF: If aiming for PSLF, ensure your employment is certified for each qualifying month (The White House) (TurboTax Blog).
Key Benefits of Student Loan Consolidation
- Receive Accurate Payment Credits for Forgiveness: The payment count adjustment will automatically count months spent in repayment, deferment, or forbearance, giving you a clear and accurate record of loan forgiveness (The White House) (TurboTax Blog).
- Include FFEL Loans in Consolidation: If you have non-federally held Federal Family Education Loan (FFEL) Program loans, consolidating them into Direct Loans is necessary to benefit from the student loan forgiveness adjustment (ED.gov) (The White House).
Final Note on Securing Loan Forgiveness
Ensure your payments are correctly counted toward student loan consolidation forgiveness by consolidating your loans by June 30. This step is critical to securing potential debt relief provided by the Biden-Harris Administration’s updated policies (The White House) (ED.gov).
For more details and to start your consolidation, visit StudentAid.gov.
References:
- U.S. Department of Education. (2024, May 15). Biden-Harris Administration Allows Borrowers More Time to Consolidate Loans to Get Credit for Progress Toward Loan Forgiveness Programs. Retrieved from ed.gov
- White House. (2024, June 18). President Biden Announces New Student Debt Relief Measures. Retrieved from whitehouse.gov