The deadline to consolidate some student loans to receive forgiveness is here. Heres what to know | KLRT [Video]

NEW YORK (AP) — Borrowers with some types of federal student loans have until today to consolidate their loans to qualify for full student loan cancellation or credit toward cancellation. The Education Department is expected to conduct a one-time adjustment in the summer but borrowers who want to be considered for the adjustment have to submit a request to consolidate their loans by Tuesday.

This one-time adjustment is meant to show a more accurate payment count for student loan borrowers.

Here’s what you need to know:

WHICH TYPES OF LOANS NEED TO BE CONSOLIDATED?

Borrowers with these types of loans must consolidate first to take advantage of this one-time adjustment:

— Commercially managed Federal Family Education Loan (FFEL) loans

— Parent PLUS loans

— Perkins loans

— Health Education Assistance Loan (HEAL) Program loans

You can learn more about the one-time adjustment at studentaid.gov.

WHEN IS THE DEADLINE?

The deadline to consolidate your loans is Tuesday.

WHAT IS LOAN CONSOLIDATION?

If you have multiple federal student loans, you can combine them into one …