PREPARE FOR REPAYMENT
October 2023: repayment begins. For information about restarting payments after the COVID-19 payment pause go to https://studentaid.gov/manage-loans/repayment/prepare-payments-restart
BACKGROUND AND STATUS
June 30, 2023: The U.S. Supreme Court found the One-Time Student Loan Forgiveness Plan to be unconstitutional.
The Biden-Harris Administration has stated that it will explore other strategies to provide relief to federal student loan borrowers, such as a new repayment plan – the Saving on a Valuable Education (SAVE) Plan – to reduce monthly payment amounts. As the new strategies are developed, they will be posted to https://studentaid.gov/manage-loans/forgiveness-cancellation/debt-relief-info.
August 24, 2022: The Biden-Harris Administration and the U.S. Department of Education (ED) announced loan forgiveness plans of up to $20,000 for prior Pell Grant recipients and up to $10,000 for all other loan borrowers. To be eligible, borrower’s annual income must be below $125,000 (individuals) and $250,000 (married couples/head of households).
Borrowers can view their loan balances and check their Pell Grant status by logging into their Federal Student Aid account online at studentaid.gov.
Questions? Go to One-Time Student Loan Debt Relief (studentaid.gov).