Deadline Extended: Consolidate Federal Student Loans by June 30th

Don’t Miss Out on Loan Forgiveness Opportunities

At BankruptcyLawChicago, we keep you up to date on all of the latest ways for you to save money on your Student Loans,  and get them forgiven sooner!

The Biden-Harris Administration has just announced an extension to the deadline for consolidating certain Federal Student Loans. If you’re a borrower, this is great news! You now have until June 30, 2024, to take advantage of the one-time account adjustment and ensure proper credit for progress toward loan forgiveness programs.

What’s the Payment Count Adjustment?

The payment count adjustment aims to address issues where borrowers didn’t receive accurate credit for their progress toward income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF). It’s essential for borrowers to consolidate their loans to benefit fully from this adjustment.

Who Should Consolidate?

  • Direct Loan and FFEL Program Borrowers: If you have Direct Loans or Federal Family Education Loan (FFEL) Program loans held by the U.S. Department of Education, you’ll see a full and accurate count of your progress toward loan forgiveness once the adjustment is fully implemented in September 2024.
  • Non-Federally Held FFEL Loans: Borrowers with non-federally held FFEL loans can still benefit from the payment count adjustment if they apply to consolidate by June 30. The prior consolidation deadline was April 30, but now you have more time!

Why Consolidate Now?

  • Consolidating your loans is crucial because it allows you to:
  • Receive proper credit for every month you’ve rightfully earned toward forgiveness.
  • Benefit from the adjustment that has already provided forgiveness to nearly 1 million borrowers.

How to Consolidate?

Apply Sooner Rather Than Later: It typically takes at least 60 days to process a direct consolidation loan application and disburse the new loan. To get the benefit of the adjustment, we can help you submit your loan consolidation application by June 30, 2024.

Contact Us: If you’re unsure whether consolidation is right for you, reach out to us at StudentLoanLawChicago. Our experts can guide you through the process and help you determine if you qualify for loan forgiveness.  We can help people in Illinois and the whole United States.

Don’t Delay!

Take advantage of this extended deadline and consolidate your federal student loans. It’s a smart move that could lead to significant debt relief. Remember, every month counts toward your financial freedom!

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