Students Loan - Check if you eligibility

Federal student loan borrowers who meet the income requirements are eligible to cancel loans up to $20,000.

However, many questioned the complexity of the program. Use the Student Loan Forgiveness Calculator below to see if you qualify for loan forgiveness and how much debt you can forgive.

Who is eligible for student loan forgiveness?

To be eligible for this forgiveness program, you must have federal student loans and meet certain income requirements. Income limits are based on Adjusted Gross Income (AGI) for tax year 2020 or 2021. The eligible individual's annual income is less than $125,000 for him (or $250,000 for him if filed together). If you qualify for one of these years, you can receive a pardon.

How much student loan debt is forgiven?

If you meet the income criteria and have federal student loans, you are eligible for student loan forgiveness of $10,000 or your existing loan balance, whichever is less. . If you receive a Pell Grant for student loans, you are eligible for loan forgiveness of up to $20,000.

How to Apply

You can expect loan forgiveness within 4-6 weeks after you apply. The Department of Education will accept applications until December 31, 2023 and process them upon receipt.

About 8 million borrowers are allowed to do nothing
If the government has your current income data, they can automatically process your loan cancellation. If you are unsure if this applies to you, please submit an application to be on the safe side.

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Other Student Loan Forgiveness Program

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Biden's Student Loan Forgiveness Program is the largest loan cancellation program ever, but there are other opportunities for federal forgiveness. However, these programs typically have much stricter eligibility requirements and require years of repayment to qualify.

Public Service Loan Forgiveness (PSLF) The

PSLF program allows nonprofit or government full-time borrowers to have their loans forgiven after making 120 eligible payments. Not all types of federal loans are eligible. You must be enrolled in a qualifying Income Controlled Repayment (IDR) plan to participate.

Student eligible employers and verify your eligibility.

Income-Based Repayment Forgiveness
There are several IDR plans offered by the Department of Education, each of which sets loan payments as a percentage of your income. After making 20 or 25 years of payments, depending on your plan, you can give up the remaining loan balance.

Some of these plans require certain income requirements, while others are available to anyone with an eligible federal student loan.

.An IDR plan can lower your monthly payments, but you'll be in debt for at least 20 years, so you'll pay more interest than a regular amortization plan. Federal Student Aid Loan Simulator helps you compare the costs of different repayment plans.

Teacher Loan Forgiveness

Educators working in low-income schools may be eligible for federal student loans under the Teacher Loan Forgiveness program. To receive a loan forgiveness of up to $17,500, she must have been teaching full-time for five consecutive years at a low-income elementary or secondary school. Not all federal student loans qualify for this program