Biden-Harris Administration Allows Borrowers More Time to Consolidate Loans to Get Credit for Progress Toward Loan Forgiveness Programs

May 16, 2024

The Biden-Harris Administration has announced an update on the timing of the payment count adjustment, which is now expected to be fully implemented in September 2024. This administrative fix ensures borrowers get proper credit for progress borrowers made toward income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF). The payment count adjustment is now anticipated to be fully implemented in September 2024. At that time, borrowers with Direct Loans or Federal Family Education Loan (FFEL) Program loans held by the U.S. Department of Education will see a full and accurate count of their progress toward loan forgiveness. Because of this updated timeline, borrowers with non-federally held FFEL loans who apply to consolidate by June 30 can still benefit from the payment count adjustment. The prior consolidation deadline was April 30. You can read more in the Department of Education's press release (Trusted Partner Link).

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