Student loan forgiveness deadline is June 30. Here’s what to know [Video]

Student loan borrowers have until the end of June to meet a deadline that could lead to quicker debt forgiveness.

Some could even see their debt cleared immediately.

Those with several student loans who apply for so-called loan consolidation by June 30 — a move that packages multiple federal student loans into a single new loan — may benefit from the temporary policy.

Here’s what borrowers should know.

Many student loan borrowers have multiple education loans, either because they borrowed repeatedly throughout college or returned to school at some point.

If these borrowers are enrolled in an income-driven repayment plan, it can mean they’re also on multiple different timelines to forgiveness. (Depending on the plan, borrowers can get any remaining debt excused after 10, 20 or 25 years.)

Under the temporary policy instituted by the Biden administration, borrowers who consolidate will earn credit toward all their loans based on the one they have been paying off the longest. They …