Plain and simple, student loan forgiveness is around the corner! We will keep you updated on any major changes in the future, so be sure to be following our social media.
Here is how student loan forgiveness stands, borrowers will be eligible for $10,000 in loan forgiveness, or up to $20,000 if they received Pell Grants. Borrowers must earn under $125,000 if they are single and under $250,000 if they are married.
October 1, 2022: Anticipated release date for Student Loan Forgiveness Application
Your student loans will not be forgiven automatically. The Department of Education will be releasing an application to fill out to receive student loan forgiveness. You will be able to access that form at StudentAid.gov.
November 15, 2022: Suggested submission date for student loan forgiveness application
The Education Department recommends having your student loan forgiveness application completed on or before November 15, 2022. This date recommendation comes from the fact that it could take 4-6 weeks to have your application approved.
December 31, 2022: Student loan payment pause ends
The White House has announced that student loan payments are set to begin again in January of 2023. The White House has stated the extension through the end of 2022 is the final extension. Student loan payments were paused in March of 2020 to give relief to Americans during the COVID-19 pandemic.
December 31, 2023: Final date to apply for student loan forgiveness
This is what we know as of now. It is better to get your application in as soon as you can and not wait.
We will continue to post about student loan forgiveness as we learn more details.
Reference: White House Student Loan Forgiveness Information