Tuesday marks the last day for federal borrowers to have their loans consolidated and apply for a potential cancellation of their debt.
A crucial deadline for federal student loan borrowers to be eligible for the full cancellation of their debt through a one-time U.S. Department of Education payment-count adjustment is quickly approaching.Students hoping to get their debt canceled—or to receive credits toward loan forgiveness—must first submit a loan consolidation application by Tuesday, April 30.
The recount, which looks at borrowers' loan payments made after July 1, 1994, as well as deferments, economic hardship and forbearances in some situations, is expected to be completed by July 1, 2024.The average total student loan debt, which includes federal and private loans, amounts to $40,505 in 2024, according to data reported by Insider Monkey. Federal student loans were on average $35,210 per borrower.
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