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NEW YORK (AP) — Borrowers with some types of federal student loans have until today to consolidate their loans to qualify for full student loan cancellation or credit toward cancellation. The Education Department is expected to conduct a one-time adjustment in the summer but borrowers who want to be considered for the adjustment have to submit a request to consolidate their loans by Tuesday.
This one-time adjustment is meant to show a more accurate payment count for student loan borrowers.
Here's what you need to know:
WHICH TYPES OF LOANS NEED TO BE CONSOLIDATED?
Borrowers with these types of loans must consolidate first to take advantage of this one-time adjustment:
— Commercially managed Federal Family Education Loan (FFEL) loans
— Parent PLUS loans
— Perkins loans
— Health Education Assistance Loan (HEAL) Program loans
You can learn more about the one-time adjustment at studentaid.gov.
WHEN IS THE DEADLINE?
The deadline to consolidate your loans is Tuesday.
WHAT IS LOAN CONSOLIDATION?
If you have multiple federal student loans, you can combine them into one loan with fixed interest. If you decide to consolidate your loans into a Direct Consolidation Loan, you can do so for free. Once you have consolidated your loans, you will have one monthly payment instead of multiple payments a month.
HOW DO I APPLY TO CONSOLIDATE MY LOANS?
You can apply to consolidate your loans at studentaid.gov/loan-consolidation. The consolidation process typically takes around 60 days to complete. Once you consolidate your loans, you will be eligible for the adjustment.
WHEN WILL I HEAR BACK IF MY LOANS ARE CANCELLED OR I RECEIVED CREDIT?
The Education Department is currently adjusting borrowers' accounts and expects to finish by July 1.
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The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.
