Borrowers have until the end of June to consolidate. (iStock)
In an effort to fix administrative issues that resulted in student loan borrowers not qualifying for forgiveness, the Biden administration announced an extended consolidation deadline for borrowers with certain loans.
Student loan borrowers have been dealing with errors that inaccurately counted their student loan payments toward forgiveness programs like income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF). Within these programs, borrowers can have their remaining debt balances forgiven after they’ve worked in the public service sector for so many years or have paid toward their student loans for a set amount of time, typically 20 to 25 years. The Biden Administration’s fix ensures borrowers get the right number of credits applied towards their payment timeline.
The payment count adjustment…
