Federal student loan borrowers are running out of time to take advantage of a Biden administration payment option that could lead to full student loan forgiveness.Currently, the deadline to consolidate your loans to qualify for an income-driven repayment account adjustment is June 30, meaning that many Americans have just five days left before student loan forgiveness is no longer an option.
'The process isn't exactly user-friendly,' Ryan said. 'It's like trying to assemble IKEA furniture but without the instructions. Many borrowers are confused about their eligibility or the steps they need to take.'Keep in mind that the full consolidation process may take 60 days to complete. But submitting your consolidation application can typically be done in 30 minutes at the federal student aid site.