The following blog details where The Biden Administration One-Time Federal Student Loan Forgiveness stands as of March 29th, 2023. Throughout the blog, you will find links referencing sources from where we find the current status and where to find future information on one-time federal student loan forgiveness. This blog is for informational purposes only. Depending on court rulings, dates and timelines mentioned in this blog are subject to change in the coming days, weeks, and months.
Student loan debt relief is blocked. Courts have issued orders blocking federal student loan forgiveness. The Supreme Court heard arguments in February of 2023. There is no timeline or deadline on when the Supreme Court will decide. (Source: Studentaid.gov)
What to expect next?
The payment pause will end 60 days after the Supreme Court makes a decision on the case. If no decision has been made by June 30, 2023, payments will resume 60 days after that. (Source: Studentaid.gov)
Where can I be notified about student loan forgiveness?
You can subscribe to updates about this subject at ed.gov/subscriptions by entering your email, selecting the “Federal Student Loan Borrower Updates” box, and clicking next.
Can I still apply for one-time federal student loan forgiveness?
Applications are not currently available. If you have already applied, your application is on hold.
What are the one-time federal student loan forgiveness details?
- Up to $20,000 in debt relief if you received a Federal Pell Grant in college and meet the income requirements
- Up to $10,000 in debt relief if you didn’t receive a Federal Pell Grant in college and meet the income requirements
Income requirements are based on your tax filing status and your 2020 or 2021 adjusted gross income (AGI).
- Single – Under $125,000 (AGI)
- Married, filed your taxes separately – Under $125,000 (AGI)
- Married, filed your taxes jointly – Under $250,000 (AGI)
- Head of household – Under $250,000 (AGI)
- Qualifying widow(er) – Under $250,000 (AGI)