Big student loan shift: Alert issued as payment changes loom for millions

Millions of parents hold Parent PLUS loans. Federal data shows over 4 million borrowers face higher payments if they miss the April 1, 2026 consolidation deadline. Unconsolidated loans cannot access income-driven repayment plans. That blocks the Income-Contingent Repayment (ICR) Plan and Public Service Loan Forgiveness for eligible parents. Consolidating now can lower monthly payments and preserve long-term forgiveness. Experts warn procrastination risks locking families into rigid schedules and higher interest costs.