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Student Loan Forgiveness and Debt Cancellation

Recently President Biden announced a plan intended to relieve some of the financial burden faced by federal student loan borrowers. Many of you may be wondering–how does this plan affect me? And, if it does, what do I need to do to qualify for loan forgiveness? Below is an FAQ and associated resources that may help you.

We also encourage you to view the official White House Fact Sheet for a comprehensive overview of recent and upcoming federal student loan relief efforts.

This page was last updated on November 1, 2022.

Federal Student Loan Debt Cancellation

  • How do I know if I qualify for the recently announced student loan cancellation?

    • If you have federal loans held by the Department of Education and are a single individual who earns less than $125,000 per year or less than $250,000 combined household income, you are eligible for up to $10,000 in loan forgiveness.
    • If you meet the previously mentioned conditions and you received a Pell Grant, you are eligible for up to $20,000 in loan forgiveness.
    • Important Update: On Sept. 29, 2022, it was determined that borrowers with federal student loads not held by ED are no longer eligible for loan forgiveness, even if you consolidate the loans into a Direct Consolidation Loan. This means that they were federally backed loans that were funded by private lenders.
    • Eligibility is based on adjusted gross income.
    • Eligibility of individuals who were a dependent during the 2021-22 school year will be determined by parental income. In general, you were a dependent during the 2021-2022 school year if you:
      • were born before January 1, 1998.
      • are not married.
      • are not fully self-supporting or providing over half of support for a child or someone who lives with you.
      • Please note: other factors such as military status can influence dependency. View this checklist on StudentAid.gov, and answer the questions as you would have when filling out your FAFSA during the 2021-2022 school year.
    • Eligible loans must have been disbursed by June 30, 2022, to qualify for relief. If your loan has two disbursement dates, the first disbursement must have occurred by that date.
  • How do I know what type of loans I borrowed?

    Log in to your account on the Federal Student Aid website and visit “Aid Summary.” Scroll down to view a breakdown of your loans.

  • What do I need to do to receive the $10,000-$20,000 loan forgiveness?

    If the Department of Education already has your income information on file, you may automatically qualify for student debt relief. However, if you are unsure of your status, you can fill out the application anyway, so you do not miss this opportunity.

    Are you eligible? Apply now

  • When will my student loans become due again?

    The pause on federal student loan repayment has been extended one final time through Dec. 31, 2022. Payments are set to resume in Jan. 2023. The exact date is determined by your student loan servicer.

  • ED’s Office of Inspector General Releases Alert on Student Loan Relief Scams

    The Department of Education (ED) Office of Inspector General (OIG) released a public service announcement warning borrowers of scams related to President Joe Biden’s student loan relief and the pause on student loan repayments.

    Read the full announcement

Public Service Loan Forgiveness (PSLF)*

*Please Note: The PSLF Waiver application deadline has passed. If you have further questions about PSLF, visit the official PSLF FAQ, or call the PSLF servicer, MOHELA, at 1-855-265-4038.

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