The federal government first started offering student loan forgiveness in 2007 as a way to help graduates get rid of their student loan debt if they meet certain, very specific requirements. But here are the main federal student loan forgiveness options: In fact, most of these programs have pretty depressing approval rates. And they’re not guaranteed to make your student loans disappear. Most of these programs are based on your job and payment plan, but they have very specific hoops you have to jump through. If you want your student loan debt gone, you're going to have to be the one to do it.īiden's forgiveness plan may have been shot down, but don't put your faith in the other federal forgiveness programs that are available either. But you can do this! And the Supreme Court decision just confirmed that it's never a good idea to put your faith in a politician to solve your money problems. Because you will have to make your student loan payment again.Īnd listen, we know it may feel impossible right now-especially if you're staring down a huge student loan balance. Now that we finally have an answer on student loan forgiveness, it means you need to be ready to start making payments by this October. And anyone who received a Pell Grant in college would have had up to $20,000 of student loan debt forgiven. Under Biden’s forgiveness plan, those who make less than $125,000 a year (or $250,000 for married couples) would have had up to $10,000 of student loan debt forgiven. In other words, student loan forgiveness isn't happening, folks. But on June 30, 2023, the Supreme Court blocked Biden's forgiveness plan, ruling that the program was an unlawful exercise of presidential power because it had not been approved by Congress. Back in August, President Biden announced a new plan to forgive a portion of federal student loan debt for millions of borrowers.
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