⏰ Deadline tonight. Time to consolidate?

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Hey friends,

Final reminder—today (April 30 11:59pm EST) is the deadline to consolidate your federal student loans. If you’re still not sure whether you should do it, this email is for you.

Here’s what we’ll cover today:

• ⚖️ What’s the benefit of consolidating today? (link)

• 👍 Who should consolidate? (link)

• 👎 Who doesn’t need to consolidate? (link)

• 1️⃣ Consolidation: Step-by-step (link)

• 🤔 Context: Why is this happening now? (link)

• 🔗 Download the consolidation application (link)

• ⚖️ What’s the benefit of consolidating today?
  Consolidating your loans into a Direct Consolidation Loan by 11:59pm tonight could put you on track to get some or all of your federal student loans forgiven through the IDR One-Time Account Adjustment.
  Read the story

• 👎 Who doesn’t need to consolidate?
  Anyone with a Direct Consolidation Loan will automatically qualify for the adjustment without needing to consolidate. There’s no email you can write or phone call you can make to “remind” them you’re in the system. You’ve done all you can. All you can do is wait.
  Find out which loans you have

• 👍 Who should consolidate?
  Anyone with the following federal loans should consolidate if they want to benefit from the One-Time Account Adjustment:

  • Commercially held Federal Family Education Loan (FFEL)

  • Parent PLUS loans: Borrowers with Parent PLUS loans managed by the Department of Education and 25 years of repayment qualify for automatic cancellation.

  • Perkins loans

  • Health Education Assistance Loan (HEAL) Program loans

  Find out which loans you have

• 1️⃣ Consolidation: Step by step
  If you have multiple federal loans (not including Parent PLUS loans), you’ll want to consolidate them into a Direct Consolidation Loan.
  Here’s how:

  1. Begin consolidating federal student loans for free by heading to studentaid.gov 

  2. Use your Federal Student Aid ID to log in.

  3. To apply online, click Manage Loans —> Consolidate My Loans —> Start. You can also submit a paper application to a loan servicer of your choosing by mail or fax. If your student loans are in default, just use studentaid.gov

  Learn more about single consolidation

• 🤔 Why is this happening now?
  In an effort to remedy years of servicer mistakes, the government stepped up to create the IDR One-Time Account Adjustment that gives borrowers retroactive credit towards forgiveness.
  Watch this video

Ready to consolidate?

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Thanks for being here! See you back here tomorrow for a full update.

Take care,

Tate