HARRISBURG, PA – With the April 30 deadline fast approaching, Pennsylvania Attorney General Michelle Henry is urging state residents with eligible student loans to take immediate steps to benefit from adjustments to the federal loan forgiveness program. This adjustment could lead to significant credit towards loan forgiveness, and in some cases, complete eradication of the remaining balances for those with Perkins, Health Education Assistance (HEAL), or commercially-held Federal Family Education (FFEL) loans.
By consolidating these specific loans into the Direct Loan Program by the end of April, borrowers will qualify for the Income-Driven Repayment (IDR) programs, including the newly introduced SAVE program, which could drastically reduce their debt. This move is especially timely as federal student loan payments are set to resume.
Attorney General Henry highlighted her office’s achievements in securing over $205 million in student loan cancellations since 2020 and reaffirmed her commitment to assisting Pennsylvanians in navigating these beneficial programs.
For those in public service or non-profit sectors, or borrowers with less than $12,000 who enroll in the SAVE plan, as few as ten years of payments could lead to total forgiveness under the Public Student Loan Forgiveness program. Moreover, actions taken before the deadline might allow for the retroactive counting of payments towards loan forgiveness, even for periods when payments were not required.
To aid borrowers, Attorney General Henry’s office is dispatching notifications to over 30,000 individuals likely to benefit and encourages all eligible borrowers to research their loan types. Steps include visiting the Federal Student Aid website or contacting the U.S. Department of Education, applying for loan consolidation into a Direct Loan, and enrolling in an IDR plan.
For further guidance, borrowers are recommended to visit the PA Office of Attorney General’s dedicated web page on this limited-time forgiveness opportunity.
