Extended Student Loan Relief: Important Updates and Adjustments Revealed

The Education Department has extended the deadline for student loan borrowers with FFEL loans to consolidate into the federal direct loan program in order to benefit from a one-time account adjustment. The new deadline is April 30, 2024. Borrowers with federal loans managed by the Education Department do not need to take any action to benefit from the adjustment. The account adjustments have already provided debt cancellation to thousands of borrowers, and by July 2024, all borrowers will receive updated payment counts to ensure accurate progress towards forgiveness. The Education Department is also implementing measures to protect vulnerable borrowers, including a 12-month "on-ramp" period and the development of a new student-debt relief plan.