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The Supreme Court blocked the one-time debt relief plan (you may also know this as the forgiveness of up to $20,000 for Pell Grant borrowers). But you may be able to get help repaying your loans, including full loan forgiveness, through other federal student loan programs.
Today’s announcement brings the total loan forgiveness approved by the Biden-Harris Administration to $167 billion for 4.75 million Americans. Thanks to this Administration’s efforts more than one out of every 10 federal student loan borrowers has now been approved for some debt relief.
Jul 31, 2024 · Borrowers would be eligible for relief if they have a current balance on certain types of Federal student loans that is greater than the balance of that loan when it entered repayment due to runaway interest. The Department estimates that this debt relief would impact nearly 23 million borrowers, the majority of whom are Pell Grant recipients.
Jan 18, 2024 · For every $1,000 borrowed above the $12,000 limit, borrowers can receive forgiveness after an extra year of repayment. So, if you took out $14,000 in loans, for example, you’d see forgiveness in...
Aug 24, 2022 · The Department of Education has announced time-limited changes to PSLF that provide an easier path to forgiveness of all outstanding debt for eligible federal student loan borrowers who...
Apr 12, 2024 · The Administration has now approved $62.8 billion in forgiveness for almost 876,000 borrowers through PSLF. “Today we are helping 277,000 borrowers who have been making payments on their student loans for at least a decade,” said U.S. Under Secretary of Education James Kvaal.
Request forgiveness on your remaining loan balance. After you’ve reached 120 payments and all other PSLF requirements are met, you must request forgiveness of your remaining loan balance using the PSLF form. After this request is made, a final review of your account will be performed to process forgiveness, which will take about 60 business days.
Feb 21, 2024 · Today, President Biden announced the approval of $1.2 billion in student debt cancellation for almost 153,000 borrowers currently enrolled in the Saving on a Valuable Education (SAVE)...
Aug 1, 2024 · Student loan forgiveness is federally tax-free through 2025 — due to a provision from the American Rescue Plan Act of 2021. However, some borrowers could still see a state tax bill. The Biden ...
Find out how to qualify for federal student loan forgiveness or cancellation based on your circumstances. Explore different options and apply online at Federal Student Aid.
