Important deadline nears for NJ student loan borrowers

💲 The deadline to apply to consolidate student loans nears

💲 The NJ Department of Banking and Insurance will contact eligible borrowers

💲 Look for an email

Student loan borrowers with privately held Federal Family Education Loan  Program loans are encouraged to consolidate their loans for the April 30 deadline to be part of a federal loan forgiveness program.

The U.S. Department of Education is conducting a payment count adjustment to help correct past errors in student loan servicing that prevented some payments from counting toward forgiveness.

The department is contacting eligible borrowers via email to alert them of the April 30th deadline based on contact information for individuals with FFEL loans provided by loan officers.

More than 72,000 individuals will be contacted about the debt relief opportunity.
Under a state law enacted in 2019, the Department of Banking and Insurance is required to assist student loan borrowers. The law also requires student loan servicers to be licensed and regulated by the department.

Student loan borrowers must apply to consolidate these loans by April 30 to receive credit toward loan forgiveness.

“The department wants borrowers to be aware of this upcoming deadline to participate in this federal loan forgiveness program,” Banking and Insurance Acting Commissioner Justin Zimmerman said. “By acting before the deadline, this historic debt relief opportunity can provide financial relief from burdensome student loan payments for eligible New Jerseyans.”

Anyone with questions can contact the Federal Student Aid Information Center at 1-800-433-3243 or submit questions via live chat at StudentAid.gov.

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