Student-loan borrowers just got 2 extra months to benefit from a temporary debt relief reform
Ayelet Sheffey
May15, 2024
The Education Department extended the deadline for student-loan borrowers to benefit from account adjustments.
Borrowers now have until June 30 to consolidate their loans, giving them an extra 60 days.
The department expects adjustments to be fully implemented in September.
President Joe Biden’s Education Department is giving student-loan borrowers more time to get closer to debt cancellation.
On Wednesday, the Education Department announced that it’s extending the deadline for borrowers to benefit from the one-time account adjustments. These adjustments are intended to bring payment progress up to date for those on income-driven repayment plans and Public Service Loan Forgiveness.
To receive the account adjustment automatically, borrowers must be in the federal direct loan program or have federally held loans in the Federal Family Education Loan program. Borrowers without those types of loans previously had until April 30 to consolidate into one of those programs to benefit, but now, the department is extending that deadline to June 30.
