Federal student loan borrowers must meet a crucial deadline on Tuesday to be considered for a major student loan cancelation planned for this summer.
The loan forgiveness comes via a “one-time account adjustment” that will give borrowers credit for time they missed payments due to deferment, forbearance or being signed up for the wrong type of repayment plan.
To be eligible, borrowers with these four types of federally managed loans must consolidate them by April 30:
— Commercially held Federal Family Education Loan (FFEL)
— Parent PLUS loans
— Perkins loans
— Health Education Assistance Loan (HEAL) Program loans
Student loan borrowers can apply for consolidation through the U.S. Department of Education website.
Find more information on the one-time adjustment, consolidation and deadlines here.
