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Student Loan Forgiveness: Important Tips to Get Your Payments Lowered or Debt Wiped Out

The Biden Administration is proposing to reduce or eliminate student loan balances for millions of borrowers, with new regulations expected to be issued soon. Here are some important tips to help you navigate potential student loan forgiveness and lower your debt.

Understanding the Deadline and Benefits

  • The April 30th deadline is crucial for borrowers who may benefit from consolidating their federal student loans to take advantage of the one-time Account Adjustment.
  • Borrowers with older Fel or Perkins loans or loans in repayment for varying periods should consolidate by April 30th to maximize benefits.

Applying for the Adjustment

  • Borrowers with Federal Direct Loans do not need to apply for the adjustment; it will happen automatically.
  • Consolidation can be done easily online at, the Department of Education’s website.

Qualifying for Loan Forgiveness

  • The one-time Account Adjustment credits borrowers for every period in repayment towards forgiveness under income-driven repayment plans like the save plan.
  • This adjustment gives credit for all repayment periods, even if borrowers were not on an income-driven plan previously.

Likelihood of Success and Setting Up Income-Driven Plans

  • The one-time Account Adjustment is already in progress, with accounts expected to be adjusted by fall.
  • Setting up income-driven plans can be done through, where tools like the loan simulator help calculate payments and potential forgiveness.

Refunds and Additional Payments

  • Borrowers who have paid for 20-25 years and made extra payments beyond that may be eligible for a refund after the one-time Account Adjustment.
  • Automatic refunds will be issued for any excess payments made beyond the required period.


Navigating student loan payments and potential forgiveness can be complex, but understanding deadlines, benefits, and qualifications can help borrowers make informed decisions. By utilizing online resources and staying informed about the latest developments, borrowers can take steps towards lowering their payments or even having their student debt wiped out.


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