Student loan forgiveness application now live
The Department of Education and the federal government have announced a student loan debt relief plan for federally held loans that were disbursed onto your account before June 30, 2022. This means that you may be able to receive up to $10,000 or $20,000 in debt relief depending on income and if you received a Pell Grant.
The application for this forgiveness is now live at studentaid.gov. The application takes five minutes to complete and does not require you to upload any additional documentation at the time of submission. You are encouraged to apply before Nov. 15 if you want to see your balance shrink before the end of the payment pause in January.
Who Qualifies?
- Loans that qualify would include Stafford, Grad PLUS, and Parent PLUS loans.
- Individuals who made less than $125,000 in 2021 or 2020
- Families that made less than $250,000 in 2021 or 2020
*If you are a dependent student, the income limit will be based on your parent’s Adjusted Gross Income (AGI). To find the AGI, you will need to look at the 1040 tax return, line 11.
For more information regarding this debt relief plan, please visit the FAQ page at studentaid.gov.