The Education Department has set April 30, 2024, as the deadline to consolidate certain types of federal loans and enroll in an IDR plan to maximize the benefits of this adjustment. Borrowers who miss this deadline may still receive partial credit for past payments but will not fully benefit from the forgiveness available by meeting the April 30 consolidation requirement.

Specifically, borrowers with commercially-held FFEL, Perkins, or HEAL loans, as well as those with a mix of loan types, will need to consolidate into a new Direct Consolidation Loan by the deadline. This ensures that repayment history on the oldest underlying loans is fully counted toward forgiveness.

Consumers with Federal Student Loans who would like to view the benefits of this one-time account readjustment should log in to Student Debt Solutions. New users can register or existing users will pick up where they left off. SDS offers a range of tools and expert staff to assist you in navigating the consolidation process and paperwork. Remember, it is always free to see repayment options and select a specific plan that is best to help achieve their financial goals.

If you have a client who might need to get this message, encourage them to login to the SDS Borrower portal at SDS Borrower Login

If you have any other questions please reach out to our support team at support@myresolvent.com