Some borrowers face Tuesday deadline for student loan forgiveness

Jane Alvarez-Wertz

8 months ago

FILE - In this June 27, 2020, file photo, Saltillo High School seniors make their way to the football field as the sun begins to set for their graduation ceremony in Saltillo, Miss. Federal parent PLUS loans have become a last resort for many lower-income families paying for a kid’s college education. Today, parent PLUS loan debt totals $108.5 billion among 3.7 million borrowers, and the average borrower owes more than $29,000. (Thomas Wells/The Northeast Mississippi Daily Journal via AP, File)

PORTSMOUTH, Va. (WAVY) – Eligible borrowers who consolidate their federal student loans may qualify for full debt cancellation or receive credit — if they act fact. The deadline to consolidate some types of loans is April 30.

Loan consolidation is when you combine several federal student loans into one payment, with fixed interest.

You can apply to consolidate your loans at studentaid.gov/loan-consolidation. This site has the information you need on how to apply.

The U.S. Department of Education emphasized that consolidating does not guarantee loan forgiveness. Rather, the department is expected to conduct a one-time adjustment this summer for borrowers who request to consolidate their loans by Tuesday. The consolidation process typically takes about 60 days to complete.

President Biden’s Administration announced plans to provide more student debt relief through workarounds, after the Supreme Court blocked his forgiveness plan last year.