871,000 People Got Job-Based Student Loan Forgiveness After Latest Biden Approvals (2024)

FAQs

Who got student loan forgiveness today? ›

Biden-Harris Administration Approves Additional $1.2 Billion in Student Debt Relief for 35,000 Public Service Workers. The Biden-Harris Administration announced today the approval of roughly $1.2 billion in additional student loan relief for 35,000 borrowers across the country who work in public service.

2.3% of processed applications for PSLF had been approved since the program's inception. In the program's first year, 0.32% of applications were approved. Prior to 2021, 3.3 million student loan borrowers were eligible to apply for PSLF (though only 6.9% applied).

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.

If you work full time for a government or nonprofit organization, you may qualify for forgiveness of the entire remaining balance of your Direct Loans after you've made 120 qualifying payments—i.e., 10 years of payments. To benefit from PSLF, you need to repay your federal student loans under an IDR plan.

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.

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.

As of mid-July 2023, approximately 662,000 borrowers have qualified for forgiveness under the limited PSLF waiver. Although the limited PSLF waiver period has ended, some borrowers who submitted their applications prior to the end date may continue to have their applications processed from the waiver period.

A mix of reasons, including: Borrowers who are not actually eligible for PSLF. Borrowers who have not yet made 120 qualifying payments. Borrowers who were on the wrong repayment plan, and.

Borrowers who reach forgiveness under the account adjustment will get an email notification by the end of 2023; all other borrowers will be notified in 2024. So if you requested a refund, but you've been in repayment for at least 20 to 25 years, you may be free from your student debt — including the refunded amount.

Will I be notified if I qualify for student loan forgiveness? ›

In the announcement, ED said it will begin notifying borrowers with at least one outstanding federally held student loan, via email, with updates on potential student loan forgiveness. However, even if a borrower does receive an email from ED, it does not guarantee that the borrower will be eligible for forgiveness.

Borrowers with only undergraduate debt would qualify for forgiveness if they first entered repayment 20 years ago (on or before July 1, 2005), and borrowers with any graduate school debt would qualify if they first entered repayment 25 or more years ago (on or before July 1, 2000).

If we determine that you're not eligible for loan forgiveness at this time, you'll be notified and will be provided with the reason(s) we determined you were ineligible. You'll then be required to resume making payments on your loans. Learn more about PSLF eligibility.

With student loan forgiveness, a borrower's debt history remains on their credit report. Loan forgiveness programs include Saving on a Valuable Education (SAVE), Public Service Loan Forgiveness (PSLF), and Teacher Loan Forgiveness.

Borrowers with federal Perkins loans can have up to 100% of their loans canceled if they work in a public service job for five years. In many cases, approved borrowers will see a percentage of their loans discharged incrementally for each year worked.

The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W.

You must be a direct employee of a qualifying employer for your employment to qualify. This means that employees of contracted organizations, that are not themselves a qualifying employer, won't qualify for PSLF including government contractors and for-profit organizations.

The Department of Education estimates that roughly 27 million borrowers will be eligible to receive up to $20,000 in relief, helping these borrowers meet their economic potential and avoid economic harm from the COVID-19 pandemic. Current students with loans are eligible for this debt relief.