STUDENT LOANS DEBT RELIEF AND STUDENT LOAN PAYMENT RELIEF:

Student loan relief is available to help millions of student loan borrowers, including 20 million student loan borrowers who will have all their federal student loans canceled. After years of speculation about whether the President would enact wide-scale student loan forgiveness, the Biden administration released a program to help student loan borrowers get loan relief. Plus, it extended the student loan moratorium, giving student loan borrowers more time before their federal student loan payments restart. Here are the key details:

$10,000 of student loan forgiveness:

The program includes up to $10,000 of student loan forgiveness for each eligible student loan borrower who did not receive a Pell Grant. Borrowers who received a Pell Grant for college will get $20,000 of student loan relief. According to the White House, nearly every Pell Grant recipient came from a family that earned less than $60,000 in annual income.

Student loan forgiveness: who qualifies:

• Individuals who made less than $125,000 in 2021 or 2020
• Families that made less than $250,000 in 2021 or 2020 (If you filed federal taxes, your income requirements are based on your adjusted gross income (AGI)).

• The debt relief applies only to loan balances you had before June 30, 2022. Any new loans disbursed on or after July 1, 2022, are not eligible for debt relief.

How It Works:

Apply today but no later than December 31, 2023. We’ll determine your eligibility and will contact you if we need more information. Your loan servicer will notify you when your relief has been processed.

Note: Application is open, but debt discharge is paused.

As a result of a court order, the lenders are temporarily blocked from processing debt discharges. They encourage you to apply if you are eligible and will continue to review applications. They will quickly process discharges when they are able to do so and you will not need to reapply.