President Biden, Vice President Harris, and the U.S. Department of Education have announced a three-part plan to help working and middle-class federal student loan borrowers transition back to regular payment as pandemic-related support expires. This plan includes loan forgiveness of up to $20,000.
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How do I know if my student loans will be forgiven?
If you have loans that have been in repayment for more than 20 or 25 years, those loans may immediately qualify for forgiveness. Borrowers who have reached 20 or 25 years (240 or 300 months) worth of eligible payments for IDR forgiveness will see their loans forgiven as they reach these milestones.
Is the student loan forgiveness going to be approved?
Today's announcement brings the total loan forgiveness approved by the Biden-Harris Administration to $153 billion for nearly 4.3 million Americans. Thanks to this Administration's efforts one out of every 10 Federal student loan borrowers has now been approved for some debt relief.
What is Biden's new student loan plan?
The Biden administration expects about 23 million would get relief on their unpaid interest. The new plan would cancel up to $20,000 of unpaid interest on eligible borrowers' loans, regardless of income.
Will there be student loan forgiveness in 2024?
IDR account adjustment
If you're a longtime borrower who has been in repayment for at least 20 or 25 years, you could get automatic loan forgiveness by September 2024. This is the result of a one-time program called the IDR account adjustment.
1 day ago · With the latest deadline extension, there's now more time for borrowers to benefit from this Biden student loan forgiveness program.
Visit StudentAid.gov/debtrelief to learn more about the actions President Biden announced following the decision and find out how this decision impacts you.
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What to Know About the New Student-Loan-Forgiveness Plans
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13 hours ago · Biden's new plan aims to automatically cancel the undergraduate debt of anyone who has been repaying their loans for 20 years (since July 1, ...
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