Student Loan Forgiveness Timeline: What to Know
Eligibility and Plan Options
Your eligibility for student loan forgiveness and the timeline for repayment depend on the Income-Driven Repayment (IDR) plan you choose. There are several IDR plans available, each with different requirements and benefits.
SAVE Plan
The Department of Education will fully implement the SAVE Plan in July 2024, which will further reduce monthly payments for eligible borrowers.
Recent Announcements
President Biden recently announced the approval of $12 billion in student debt cancellation for nearly 153,000 borrowers enrolled in IDR plans.
Borrower Enrollment
Approximately 277,000 borrowers are enrolled in the SAVE Plan or have been approved for relief due to fixes made to Income-Driven Repayment programs.
Eligibility for Forgiveness
Most Americans with federally held student loans qualify for some level of student loan forgiveness under the Biden administration's initiatives. Check with your loan servicer or visit the Federal Student Aid website for specific eligibility criteria.
Komentar