#STUDENT ASSISTANT PLUS PLUS#

August 2021: More than 323,000 borrowers were awarded automatic forgiveness via TPD in the amount of $5.8 billion.March 2021: About 41,000 borrowers who had their loans reinstated previously were given $1.3 billion in forgiveness via the Total Permanent and Disability (TPD) program.Make sure your contact info is up to date with your loan servicer and on your profile to ensure you don’t miss notifications regarding future payments.įor more information on mass student loan forgiveness and the repayment pause extension, see our report here.Īs for other recent developments involving forgiveness involving specific groups, here’s a rundown: Disabled borrowers

31, 2022.Īlthough the repayment pause has been extended seven times, the Biden administration said this will be the final extension. Meanwhile, the Department of Education has extended the current freeze - also referred to as the administrative forbearance - on repayment, interest and default for federal student loans until Dec. It might be worth it if you currently owe less than the $10,000-$20,000 threshold, since receiving a refund could allow you to get the maximum amount for student loan cancellation. If you made federally held student loan payments during the payment pause (starting March 13, 2020), you could contact your loan servicer to request a refund. If in doubt, you can check your student loan balance to track any progress. However, approximately 8 million borrowers may receive automatic relief since their income data is already in the system. The Department of Education says the application for student debt cancellation should be ready in enough time to file before the end of 2022. This would exclude Federal Family Education Loans (FFEL) and Perkins loans. 29, only federally held student loans were eligible.

Qualifying time period: Forgiveness will reportedly apply only to loans taken before July 2022.

$10,000 in federal student loan cancellation if you didn’t have a Pell Grant.

$20,000 in federal student loan cancellation if you previously received a Pell Grant.

Income limits: If your annual income during the pandemic was under $125,000 (individuals) or $250,000 (married couples of head of households), you might be eligible for up to.

The eligibility requirements are pretty straightforward:

24, 2022, the federal government is offering nationwide forgiveness of up to $20,000 per borrower for federally held student loans. The latest on Biden administration’s mass student loan cancellationĪs announced on Aug. Alternatives to forgiveness if you don’t qualify.Beware of student loan forgiveness scams.What about taxes on student loan forgiveness?.What is student loan forgiveness, and how does it work?.

Biden administration’s mass student loan cancellation.Student loan forgiveness for private education debt.State-based repayment assistance programs.

#STUDENT ASSISTANT PLUS PLUS#

Here’s an overview of what’s out there, plus other ways to find help for repayment beyond forgiveness. This new program - and the wide variety of other ways to get your student loans forgiven - offer a chance to relieve your debt burden. The big news on the student loan forgiveness front is that the federal government is forgiving up to $10,000 in federally held student debt, or up to $20,000 if you previously received a Pell Grant. Each forgiveness program has its own requirements, and some are more difficult to qualify for than others. Student loan forgiveness can wipe out part or all of your student loan debt.

Student assistant plus