Navigating the Restart of Student Loan Payments: What You Need to Know
The Biden Administration's IDR waiver program aims to help borrowers with federal student loans get credit for payments towards forgiveness, even during periods of non-payment. Borrowers with older Federal Family Education Loan (FFEL) Program loans must consolidate their loans by December 31, 2023, in order to qualify for the program. This consolidation is necessary for both income-driven repayment plans and Public Service Loan Forgiveness. Eligible borrowers could see their student loan debt wiped away, with over 3.6 million borrowers receiving at least three years of credit towards forgiveness. The U.S. Department of Education provides information on how to consolidate FFEL loans through Direct Consolidation Loans.