Only 1 Day Left to Consolidate Your Student Loans for Student Loan Forgiveness Deadline

The Biden administration’s latest student loan forgiveness plan offers relief for federal student loan borrowers, with a deadline of April 30 to consolidate loans to maximize benefits. Consolidation can convert various federal loans into one Direct Loan, making borrowers eligible for income-driven repayment plans and forgiveness programs. Even borrowers with Direct Loans can benefit from consolidation. While it may extend repayment periods, it can also lower monthly payments and increase forgiveness chances. Private loan consolidation rarely makes sense as it excludes federal benefits. The process includes selecting an income-driven repayment plan and submitting an application online before the deadline for processing, potentially leading to complete forgiveness.

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