Time's running out to get student loan forgiveness YEARS SOONER!! (2024)

If you have student loans and are looking to get student loan forgiveness, whether that's through IDR forgiveness (Income Driven Repayment forgiveness) or PSLF (Public Service Loan forgiveness), you might be able to take YEARS OFF your student loan repayments by consolidating your student loans before June 30, 2024.

This is especially important for people with FFEL student loans (ie, you got your loans before 2010) and people with different payment counts on their student loans!

You could take years off your student loans because of the Income Driven Repayment recount going on. In this video I talk about how consolidating your student loans *might* take years off your loans and get you forgiveness MUCH FASTER! But student loan consolidation isn't right for everyone so be sure to watch through to the end.

Links/phone numbers mentioned:

⭐ Department of Education Federal Student Aid Information Center (FSAIC): 1-800-433-3243
⭐ Original video when the student loan consolidation deadline was April 30th:

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Ms. Moody - former librarian, current financial feminist, and money educator.

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Thanks for watching!

Chapters:

00:00 - 2:29 Student loan consolidation deadline overview
2:30 - 4:14 Student loan consolidation through June 30th forgiveness benefits
4:15 - 5:42 Why is this happening? IDR recount overview
5:43 - 6:20 What is student loan consolidation
6:21 - 12:12 Who should consolidate to get BIG benefits before June 30th
12:13 - 13:38 When NOT to consolidate your student loans (what to watch out for)
13:39 - 14:45 How to consolidate your federal student loans
14:46 - Watch out!

Heads up: All the content is for educational purposes only. Ms. Moody is not a licensed financial advisor; she’s a librarian, money nerd, and educator. As personal finance is personal, to find out what is best for you, consult a financial professional. Users are solely responsible for any actions they take.

This video is protected under US Copyright law. If you would like to reuse any of it for your own work, you must have explicit permission from the creator (Ms. Moody). Please contact me for permission before using any part of the video.

Chapters:

[rascalepiotre]

Thank you so much for this update! I hope the people who missed out on the April 30th deadline become aware of this one. On the studentaid website, if you're not already informed and aren't sure where to look on the site, it isn't easy to find info about the extended date. Actually it seems like website has gone a bit low profile. Before April, the site was very informative about one time adjustment, consolidation, deadlines, etc.

[beverlyjohnson]

I am 76 years old, still have student loans and on social security. I really would like to see loan forgiveness for us "wisdom timers".

[uncannytraveler]

Hello! Fellow librarian here! Your videos have been so helpful to me. Thank you!! I ignored the April 30th deadline thinking it wouldn't apply for me, and i was so wrong so thank you for spreading the word! I guess the one question I have based on this update-- when you discuss the number of months of repayment re-adjusting how much time each person has left for forgiveness, does this still apply if you did not apply for PSLF before this? I have been working at a public library for 8 years but because of how messy and confusing PSLF was at the time, I thought I was supposed to wait until I had finally made the 120 months of payments. Even though I've been making payments I'm not sure that they will count because I didn't apply earlier, even though I have been qualifying for a while now. I'm going to call the dept. of education and see what they say, but if you have thoughts I would love to hear them!

[tun]

The Dep. of Ed agent I spoke with knew NOTHING. He knew practically nothing except reading off a script.

[Jo-ufuy]

They've started sending letters for possible additional SAVE IDR benefits starting July !

[jcwdesigns]

Thank you for all the information you put out there about this. It's so helpful in understanding and taking action on my loans.
Could you put out some kind of content discussing the Art Institute discharge put out by the Biden Admin? I am partially in and partially out of the timeframe, and I'm wondering how it will affect me. I'm also consolidating to make my loans eligible for either the discharge or SAVE. ❤

[brazilfootball]

Question!! I'm in the PSLF REPAYE Plan and my quoted monthly payment wouldn't even cover the interest rate of my student loans. Is it worth it to just pay what they quote you (and watch the loan grow bigger) or should I pay more per month? Has anyone here done what they were told and still didn't qualify?? Looking for lessons learned!

[allkindsamusicchick]

Can't wait to watch tomorrow. Alas...it's time for bed. Up for work at the crack of dawn....Gotta pay that Student Loan. arghhh

[brenthidey]

If I consolidate, my monthly payment will most likely increase significantly. I have 3 loans. The largest has about 36 payments left until PSLF and the others have many more. My concern is if I consolidate, they will reset my payments to 0 or some average of the 3 loans OR the next administration will cancel PSLF and I will be stuck with a much higher payment for many years to come.

[meandmycolors]

What happened to the April 30 deadline? Is this about the same thing?

[nakia]

I have all undergraduate loans and consolidated only 2 FFEL loans in 2022 but not my 12 direct loans as previously advised. I recently found out (before 4/30/24) that if I consolidate them all together, all would have loans would have been cancelled as the FFELloans were forgiven in 2023. Will my brew consolidation count my time in repayment for the FFEL loans already forgiven from 2020. These were sine separately, am I screwed?!

[kennymartinez]

How about if I'm on the save plan do I consolidate

[rztvihq]

Hi! I have undergrad loans from 2012 and also newer grad loans from 2022. If I consolidate, will the recount apply to the 2022 loans? Thanks!

[CatherineButler-uoxk]

Is it still a good idea and/or required to consolidate all Direct loans if I'm finishing grad school and about to choose an IDR plan?

[susanam]

I am really confused I have student loans from undergrad 2013 and I also have student loans from grad school should I consolidate?

[infinitepossibilities]

Who should I call an out whether I qualify? I feel like the new loan borrower won’t inform me of the correct information. They told me to consolidate my loan. 😢

[unreal.g]

If I have an FFELP Consolidation Loan did someone already comsolidate it for me? Sloan is my servicer, but as i went to consolidate i didnt know if it made sense to consolidate a loan i have been paying on since 2002, used to be like 20 loans in the past but I have no friggin clue whats going on.

[raesowards]

Hello, I have two direct fed loans one subsidized and one unsubsidized. Should they be consolidated or just keep the two direct. Thank you

[erikachavez]

Hi! I would love some help to know if this benefits me. I work for a non profit now but I don’t think they qualify for the PSFL for some weird reason. I was able to switch to the SAVE plan from the income repayment plan, but it says it’s only $0 till 2025? I also have federal and private loans for my graduate school loans. Should I consolidate or does it not apply to me?

[pattiboilore]

Does this happen to apply for parent plus loans?