An important deadline is f🦩ast approaching for borrowers with older types of federal student loans to have༺ an opportunity to have their loans forgiven.

Borrowers have until April 30 to consolidate their Perkins or FFEL federal loans—older types of federal student loans that are no longer offered—into modern 澳洲幸运5官方开奖结果体彩网:direct loans in order to qualify for a 澳洲幸运5官方开奖结果体彩网:one-time payment count adjustment that gives borrowers more credit toward forgiveness under revamped 澳洲幸运5官方开奖结果体彩网:income-driven repayment (IDR) plans or 澳洲幸运5官🐼方开奖结果体彩网:Public Service Loan Forgiveness (PSLF) programs.

The Department of Education is giving borrowers more credit toward forgiveness under IDR plans, which forgive any remaining loan balance for borrowers who make payments for 20 or 25 years. The adjustment will add up to th๊ree years of credit for borrowers whose loans werജe in deferment or forbearance, as well as several other circumstances.

The department is also adjusting counts toward forgivene꧋s💫s under PSLF, which forgives loans for people who make payments while working for a nonprofit group or government agency for 10 years.

Part of Broader Push by President 🧜Biden﷽ to Forgive Student Loan Debt

The payment count adjustment is part of a broader push by President Joe Biden to forgive student loan debt. Although Biden’s plan to forgive up to $20,000 per borrower was 澳洲幸运5官方开奖结果体彩网:struc🙈k down ♏by the Supreme Court last summer, the Department of Education has forgiven $143 billion 澳洲幸运5官方开奖结果体彩网:by 🌌changing the ꦺrules for various programs.

The payment count adjustment, announced in 2022, is meant to correct for past administrative errors by the private companies that collect student loan payments, and is only available to borrowers with direct loans.

In some cases, the adjustment will give borrowers enough credit to immediately qualify for forgiveness. As of December, the department had forgiven $46 billion for 930,500 borrowers through changes to the IDR program, according to the White House.

In order to qualify for the adjustment, those with older types of federal loans must consolidate by the deadline.