Student Loan Forgiveness Application Deadline – How to apply?

The Loan Forgiveness Application Deadline was recently extended. It makes a difference in your eligibility for forgiveness, whether or not you are aware of this deadline. Fortunately, the Department of Education (ED) has extended it until April 30, 2024.

Student Loan Forgiveness Application Deadline

There are not many days left for borrowers who want their student loans forgiven before the deadline of April 30, 2024. People who apply for “loan consolidation” before the deadline, which combines all of their federal student loans into a single new loan, may be able to have their debt canceled earlier than they otherwise would. 

President Joe Biden’s administration is working to solve student debt after the Supreme Court ruled down a proposal to cancel up to $20,000 in student loans for many Americans. You may now qualify for credit if you paid back loans for 10 years but spent two in forbearance. 

Consolidation can get you closer to loan forgiveness

These payments are usually less than what they would be under a normal repayment schedule, and they may even be $0 in some circumstances. After 10, 20, or 25 years, the remaining debt of the borrower may be forgiven, depending on the terms of the plan.

The fact that students in these programs sometimes have several loans from various periods is one complicated element, higher education expert Mark Kantrowitz said in a previous interview with CNBC.

Let’s take an example where a borrower completed their undergraduate studies in 2004, took out additional loans for a master’s degree in 2018, and is now repaying these loans on an income-driven plan that has a 20-year forgiveness period.

Although consumers would typically have to wait at least another 14 years for complete relief, experts believe that if they consolidate before May 1st, they may be eligible for forgiveness on all those debts. 

Consolidating student loans is usually a bad idea for those trying to have their debt canceled since it resets the borrower’s forgiveness period.

How to Apply for Student Loan Forgiveness?

The Biden administration attempted to provide broad debt cancellation to eligible borrowers; however, this project has been placed on hold until the Supreme Court’s ruling.

If the Supreme Court grants debt forgiveness, those who have already applied may not need to take any further steps. The same could apply if your income information is already on file with the Education Department and you just filed for an income-driven repayment plan. 

The straightforward application requested you:

  • Name
  • Social Security number
  • Date of birth
  • Phone number 
  • Email 

It required you to input your electronic signature and attest, “under penalty of perjury,” that the information you supplied was truthful before submitting it. 

It was accessible in both English and Spanish. The Federal Student Aid website may once again provide this application if the Supreme Court finds in favor of debt forgiveness. 

What to know about consolidating your student loans

Applying for a Direct Consolidation Loan is possible via your loan servicer or at Even if the servicers take longer to complete the application, they should be OK as long as it is turned in by April 30, according to Kantrowitz.

If they choose to participate in the new income-driven repayment option, known as the SAVE plan, certain borrowers who took out modest sums may even be eligible for cancellation after making payments for as little as ten years.

Consider obtaining a comprehensive payment history for each loan before combining. Experts say that by doing this, you may ensure that you are receiving all of the credit you are due.

By checking into your loan data, you should be able to acquire a history of your payments at A full record may also be requested from your service provider. 

Not when the debt was obtained, but when it initially went into repayment is what matters in your payment history.

A borrower may speak with their loan servicer or file a complaint with the Federal Student Aid division of the Department of Education if they think there is a problem with their payment count.

What borrowers qualify for student loan forgiveness? 

The Biden administration was providing students who owed federal loans and fit certain income requirements with student debt forgiveness of up to $20,000. Up to $10,000 in forgiveness would be granted to every qualified borrower. 

In college, you may be eligible for an extra $10,000 in forgiveness if you were awarded a Pell Grant, a kind of financial help intended only for undergraduates with proven need. 

This would bring your total amount of forgiveness to $20,000. To find out whether you were awarded a Pell Grant during your college years, go into your Federal Student Aid account. 

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