Student Loan Forgiveness Program Save

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Public Service Loan Forgiveness and the SAVE Act: What You Need to Know

Public Service Loan Forgiveness (PSLF)

After 10 years of qualifying public service, you may be eligible for loan forgiveness under the Public Service Loan Forgiveness program (PSLF).

Student Aid and Fiscal Empowerment (SAVE) Act

Under the Student Aid and Fiscal Empowerment (SAVE) Act, all borrowers will receive loan forgiveness after 20 or 25 years, depending on the type of loans they have.

Recent Developments

Mass Forgiveness Announcement

The Biden-Harris Administration recently announced the approval of $74 billion in additional loan forgiveness, benefiting nearly 207,000 borrowers enrolled in the SAVE program.

Expanded Eligibility

Beginning in February 2024, the SAVE plan will extend forgiveness to borrowers who originally borrowed $12,000 or less.

Reduced Monthly Payments

The SAVE plan will also reduce monthly payments to zero for many borrowers and save others significant amounts of money.

Debt Relief for Early Beneficiaries

The borrowers receiving relief from the recent announcement are the first to benefit from a SAVE plan policy that provides debt forgiveness to borrowers with qualifying service.