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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 September 6, 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.
    • 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.
    • 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?

    • Most borrowers will need to fill out an application that has not yet been released. It is expected to be available in October.
    • 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.
  • 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.

Public Service Loan Forgiveness (PSLF)*

*Please Note: The PSLF Waiver is NOT applicable to most current traditional day students.

  • When is the application deadline for the PSLF waiver?

    The deadline is Oct. 31, 2022.

  • How do I know if I work for a qualifying PSLF employer?

    • They must be a non-profit organization that is tax-exempt under Section 501 (c) (3) of the Internal Revenue Code.
    • You can check whether an employer qualifies for PSLF by using the Employer Search Tool on StudentAid.gov.
  • Is DeSales University a qualifying PSLF employer?

    Yes. We are a non-profit organization that is tax-exempt under Section 501 (c) (3) of the Internal Revenue Code.

  • Am I eligible to apply for PSLF or the limited-time PSLF Waiver?

    • Your eligibility depends on factors that are outlined on studentaid.gov.
    • Additionally, the PSLF Help Tool can help determine your eligibility and what steps you may need to take to become eligible.
    • While you may not qualify for PSLF right now (ex. you have not made 120 qualifying payments) you can apply for the waiver to secure its benefits in the future.
    • Please note that employees of our University cannot determine your eligibility, so please do not ask them to.
  • Do I need to consolidate my loans before the Oct. 31, 2022, PSLF Waiver application deadline?

    • Yes. Before the application deadline, you must consolidate qualifying loans (FFEL Program loans, Federal Perkins Loans, or other federal student loans) into a Direct Consolidation Loan.
    • As a reminder, Parent PLUS loans are not eligible under the limited PSLF waiver.
  • How can I tell if other employers qualify for PSLF?

    You can check whether an employer qualifies for PSLF by using the Employer Search Tool on StudentAid.gov.

  • What do I do if I am eligible for PSLF?

    If you are eligible, use the PSLF Help Tool to generate the PSLF application form.

  • Who do I contact with additional questions about PSLF?

    If you have further questions about PSLF that are not addressed in the official PSLF FAQ, call the PSLF servicer, MOHELA, at 1-855-265-4038.

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