The road to student loan forgiveness has been bumpy at best, and some borrowers eligible for relief have missed an important deadline. Consolidate your student loans..

Borrowers had until April 30, 2024 to consolidate their federal student loans into one direct loan to help maximize student loan relief. While you can still consolidate your student loans and enroll in an income-driven repayment plan to take advantage of loan forgiveness options, you likely won't be eligible for the full benefits you could have. could have received before that date.

With the deadline behind us, here it is. What's Next for Student Loan Forgiveness? — and what you should do if you miss the consolidation window.

Read more: 25 million Americans could eliminate student loan debt under Biden's latest P.O.Lane

Where is student loan relief currently?

There are several ways you can qualify for student loan forgiveness. If you are on an income based payment plan eg save it., you may qualify for debt cancellation after 10 to 25 years of qualifying payments. If you are a teacher or public service employee, you may be eligible. Public Service Loan Forgiveness Program After paying off your 120 eligible loans.

More recently, the Biden administration announced its new plan. Relief from extensive debts I April, which can eliminate balances for borrowers who have been paying off their loans for 20 to 25 years, are eligible for the PSLF or teacher forgiveness program who have not applied and are experiencing financial hardship. It also seeks to forgive up to $20,000 for those who have seen their balances increase due to runaway interest.

The catch with most of these debt relief programs is that only certain federal student loans qualify. If you had federal student loans that didn't qualify, consolidation by April 30, 2024, was your chance to make sure all of your loans were eligible for maximum forgiveness.

What if you miss the deadline for debt consolidation?

If you haven't consolidated your debts and you currently have direct loans, they should still be eligible for debt relief under any federal program for which you qualify. You may have to wait longer for forgiveness.

For example, if you've had a Federal Direct Loan since 2004, it can be canceled this year, since it's been paid off for 20 years. However, if you have another undergraduate student loan that you started paying off in 2010, it won't be eligible for relief until 2030.

By consolidating your debts by April 30, 2024, the deadline could get you debt relief for all your debts sooner. With your first qualifying payment starting in 2024, the two will be lumped together.

Can I still consolidate my student loans?

Yes, you can still consolidate your student loans. And if you have a FFEL, HEAL, Perkins or ParentPlus loan, this option can still be beneficial.

Federal student loans that are not direct loans may not qualify for student loan relief under certain programs. In that case, consolidating them now can help you get partial credit for past payments.

If you have two undergraduate loans, one from 2004 and one from 2010, they will be paid off for 20 and 14 years, respectively. If you had consolidated them before the April 30 deadline, your loan may have been completely cancelled. Now if you combine, your past payment timeline becomes the average of the two — in this case, 17 years.

So if you qualify, it will take you another three years to get full loan forgiveness on the IDR plan. But it's better than waiting another six years to reach the forgiveness timeframe on your second loan.

When will the latest student loan relief be processed?

Whether you've consolidated your student loans or not, if you're eligible for debt relief under the White House's latest plan, you could see your balance adjusted later this fall. This adjustment can eliminate or reduce your total student loan debt.

That's assuming the plan goes ahead as proposed. If the administration faces any hurdles, there may be delays or changes.

Read more: Skipping Student Loan Payments: What Happens If You Don't Pay

What to do if you're struggling to pay off your student loans

In the meantime, if you can't afford to pay off your student loans, consider enrolling in an income-driven repayment plan. An IDR can help lower your monthly payment. But it will extend your repayment timeline, which means you can pay more over time. But if you are eligible for loan relief under IDR, the long repayment timeline may not be a concern.

You can also contact your student loan servicer to see if they can lower your monthly payment for a period of time. You may also qualify for a forbearance or deferment, which can give you a temporary reprieve from monthly payments.