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FFELP student loan forgiveness: Routes to relief, plus alternatives if you don’t qualify

Whether you should consolidate FFELP loans comes down to your specific situation and plans for loan forgiveness.

“Some FFELP borrowers should absolutely consolidate into the Direct Loan program to take advantage of things such as PSLF and … the one-time account adjustment,” said Betsy Mayotte, president and founder of The Institute of Student Loan Advisors, a donor-based organization.

Thanks to this adjustment, you don’t have to worry about losing credit for past loan payments — as long as you apply by April 30, 2024. After this date, however, consolidating FFELP loans will mean resetting the clock on your progress toward loan forgiveness.