Advisory: Deadline of April 30, 2024 to Consolidate FFELP Loans to Benefit from One-Time Adjustment for IDR and PSLF

The U.S. Department of Education (ED) is making a one-time adjustment in the count of payments toward Income-Driven Repayment (IDR) and Public Service Loan Forgiveness (PSLF).

Income-Driven Repayment (IDR) and Public Service Loan Forgiveness (PSLF), both programs of ED, offer forgiveness of federal education loan debt after borrowers make a required number of payments and meet all other program criteria. IDR includes four repayment plans, all with monthly loan payments tied to income. PSLF helps borrowers working in public service.

This one-time adjustment in payment count applies to all Federal Direct Loans and Federal Family Education Loan Program (FFELP) Loans held by ED. If you have a FFELP Loan that is not currently held by ED, and you believe you will benefit from this adjustment, you need to consolidate that loan into a Federal Direct Consolidation Loan by April 30, 2024. You can learn more about consolidation and apply to do so on the Federal Student Aid site here.

If you're not sure if your student loans qualify, or if you have specific questions about your loans, check with your loan servicer. This one-time adjustment only applies to federal loans. Private education loans do not qualify.

For the most current information, additional details, and frequently asked questions on this topic, visit the Federal Student Aid site here.