Key points to remember: Federal student loans not currently eligible for forgiveness programs can be consolidated to qualify for debt relief. The deadline to apply for consolidation is June 30. Consolidating can increase forgiveness amounts and make you eligible for income-based repayment plans or other programs. It takes about 30 minutes to consolidate online. Even with the Biden administration’s SAVE repayment plan on hold, experts recommend consolidating for potential debt relief. Consolidating can synchronize payment counts and forgiveness dates. Consider the impact on interest rates and discounts before consolidating. Consolidating can lower monthly payments and extend repayment periods. Consolidation can maximize debt relief for many borrowers, especially if you have non-Direct federal loans. The deadline is unlikely to be extended beyond June 30. Apply online at StudentAid.gov before the deadline. If you miss the deadline, your payment count may be affected, but you could still access debt relief programs.
