The deadline to consolidate some student loans to receive forgiveness is here. Here’s what to know

NEW YORK — To date, borrowers with certain types of federal student loans must consolidate their loans to qualify for full student loan cancellation or cancellation credit. The Department of Education is expected to make a one-time adjustment in the summer, but borrowers who want to qualify for the adjustment must apply to consolidate their loans by Tuesday.

This one-time adjustment is intended to reflect a more accurate payment count for student loan borrowers.

Here’s what you need to know:

Borrowers with these types of loans must first consolidate to take advantage of this one-time adjustment:

— Federal Family Education Loan (FFEL) Commercially Managed Loans.

— Parent PLUS loans

— Perkins Loans

— Loans from the Health Education Assistance Loan (HEAL) program

More information about the one-time adjustment can be found at studentaid.gov.

The deadline for consolidating your loans is Tuesday.

If you have multiple federal student loans, you can combine them into one fixed-rate loan. If you decide to consolidate your loans into a direct consolidation loan, you can do it for free. After you consolidate your loans, you will receive one monthly payment instead of multiple payments per month.

You can apply to consolidate your loans at studentaid.gov/loan-consolidation. The consolidation process typically takes about 60 days. Once you consolidate your loans, you will be eligible for the adjustment.

The Department of Education is currently in the process of adjusting borrowers’ accounts and expects to complete this by July 1.

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