The U.S. Department of Education is giving borrowers more time to meet a key student loan forgiveness deadline.
"The Department is working swiftly to ensure borrowers get credit for every month they've rightfully earned toward forgiveness," U.S. Under Secretary of Education James Kvaal said in a statement on Wednesday.Until June 30, borrowers enrolled in an income-driven repayment plan who consolidate will get a one-time adjustment on their payment count.
Borrowers pursuing the popular Public Service Loan Forgiveness program can also receive additional credit from the payment count adjustment, as long as they The Biden administration said in 2022 it would review the accounts of those in income-driven repayment plans, which are supposed to lead to debt cancellation after a set period.Usually, a student loan consolidation restarts a borrower's forgiveness timeline, making it a terrible move for those working toward cancellation, education experts say.
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