Student Loan Forgiveness: Don’t Miss These Four Dates - Lifestyle UG Student Loan Forgiveness: Don’t Miss These Four Dates - Lifestyle UG

Student Loan Forgiveness: Don’t Miss These Four Dates

 In the coming weeks, the Biden administration is expected to forgive some or all of 43 million Americans' federal student loans

If you are eligible for loan relief, there are a few dates that you must remember in order to receive it.

October Based on existing data, nearly 8 million borrowers may be eligible for automatic student loan forgiveness, according to the US Department of Education.

To qualify for relief, the remaining approximately 35 million borrowers must submit an application.

November 15 The Education Department recommends applying for relief before November 15 to receive your student loan forgiveness before the payment pause ends (more on that later)

Borrowers will see their loan balances forgiven within four to six weeks of completing the application, according to officials.

January 1, 2023 If your entire loan balance is not erased, as is likely for some 23 million borrowers, President Biden has extended the payment pause until the end of the year

However, interest will resume accruing and regular payments will resume on January 1, 2023. He has stated that the pause will not be extended further.

December 31, 2023 According to the Department of Education, borrowers will have until the end of 2023 to apply for this one-time student loan forgiveness.

It is unclear how the government debt forgiveness program will be implemented. We realize that loan type & income affect loan relief eligibility, & you may be eligible for $20,000 in loan forgiveness