But,the Department of Education says there is a step you may need to take to get the maximum benefit.by Tuesday, April 30 at midnight.There is no cost to consolidate your loans.
The Department of Education said"to get the most credit toward loan cancelation, borrowers with the types of federally managed loans listed below must consolidate them."Health Education Assistance Loan Program loans They go on to say that after you take this step,"your new debt consolidation loan is eligible for the one-time adjustment and more of the payments you have made up to this point will be counted toward loan cancellation."They are, Public Service Loan Forgiveness and those interested in Income Driven Repayment plans with Direct or FFEL loans with the Department of Ed.
For these types of plans, borrowers make a number of qualifying payments, then the remainder of the loan is forgiven. For example, Public Service Loan Forgiveness, signed by President George W. Bush in 2007, requires 120 qualifying payments. But borrowers say some of their qualifying payments were missing, so this adjustment is serving as a recount.can include longer repayment periods, more interest and lost of certain borrower benefits.
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