Student Loan Forgiveness/Repayment Programs

PAYMENT PAUSE

To ensure a smooth transition to repayment and prevent unnecessary defaults, the Biden-Harris Administration will extend the pause a final time through December 31, 2022, with payments resuming in January 2023.

The pause includes the following relief measures for eligible loans:

- a suspension of loan payments
- a 0% interest rate
- stopped collections on defaulted loans

Additional details are available at https://studentaid.gov/announcements-events/covid-19/payment-pause-zero-interest

STUDENT LOAN CANCELLATION

The U.S. Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for households.

Application for debt cancellation program will be available before December 31st 2022. If you would like to be notified by the U.S. Department of Education when the application is open, sign up at the Department of Education subscription page: https://www.ed.gov/subscriptions

Visit https://studentaid.gov/announcements-events/covid-19 for additional information.