Student loan forgiveness: Important information to understand before April 30

A critical deadline is rapidly approaching for an opportunity regarding the cancellation of student loans.

If you are a borrower of federal student loans, you may be eligible to have your debt fully canceled or receive credit towards cancellation through a one-time adjustment by the U.S. Department of Education. However, to qualify, you may need to consolidate your loans first. This step must be taken by Tuesday, April 30.

The Biden administration is implementing the cancellation of federal student debt for millions of undergraduate and graduate students, providing relief to many others. It was reported that more than 30 million Americans will benefit from this initiative.

Over four million borrowers will have their entire student debt canceled, while 10 million will qualify for at least $5,000 in debt relief. Additionally, 23 million borrowers will have their accrued interest eliminated.

The U.S. Department of Education will execute the one-time adjustment over the summer.

Here’s what you should be aware of.

Which loans require consolidation?

Consolidation is necessary for the following federally managed loans to maximize credit toward loan cancellation:

  • Commercially held Federal Education Loans (FFELs)
  • Parent PLUS loans
  • Perkins loans
  • Health Education Assistance Loan Program (HEAL) loans

If you are unsure about the type of loan you have, you can log in to your account at or contact the U.S. Department of Education’s Federal Student Aid Information Center at 1-800-433-3243.

Your new Direct Consolidation Loan will be eligible for the one-time adjustment this summer.

What is the deadline for consolidation?

Tuesday, April 30.

How do I request loan consolidation?

Visit to select the loans you wish to consolidate and establish a monthly repayment plan for your new loan. Alternatively, you can seek assistance from the Federal Student Aid Information Center by calling 1-800-433-3243.

There is no application fee.

Specifics regarding Parent PLUS loans

If you have already made 25 years or 300 months of repayments on your Parent PLUS loan managed by the U.S. Department of Education, your loan will be automatically canceled as part of the one-time adjustment. Otherwise, you should consider consolidating the loan.

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