Some may qualify but need to take action by April 30 [Video]

Eligible borrowers who consolidate their student loans could qualify for some debt forgiveness, or receive credit for loan forgiveness, as part of a one-time adjustment this summer from the U.S. Department of Education.

More than 3.6 million borrowers with Direct Loans will receive at least three years of credit toward loan forgiveness, and many will see their loans forgiven automatically.

The move is part of the Biden administration’s push to provide student debt relief after his one-time student loan cancellation was blocked by the U.S. Supreme Court. 

The Education Department said the adjustment, which is currently underway and will continue through the summer, is intended “to more accurately reflect borrowers’ payment counts.” 

But some borrowers may need to submit a loan consolidation application to qualify.

Here’s what to know:

Why is the Education Department making one-time adjustments? 

Student loan borrowers who are on an income-driven repayment plan or are working toward Public Service Loan Forgiveness can …