Student Loan Forgiveness Plan: What You Need to Know
Forgiveness After 10 Years of Payments
The Biden administration's student loan forgiveness plan allows individuals to receive forgiveness on their federal student loans after making 10 years of payments.
Automatic Relief for Millions
As of today, the government has approved loan relief for nearly 39 million borrowers who were counting on the forgiveness. Today, President Biden announced the approval of $12 billion in student debt cancellation for almost half a million borrowers.
$10,000 Forgiveness for Many
The Biden administration announced that they will forgive $10,000 in federal student loan debt per borrower. This relief will impact a significant number of borrowers, potentially reducing their financial burden.
Public Service Loan Forgiveness Expansion
The administration also announced that they will provide almost $51 billion in relief for 715,000 public servants through Public Service Loan Forgiveness programs. This will provide substantial relief to those who have dedicated their careers to public service.
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