The Biden Administration Automatically Discharges $39 Billion in Federal Student Loans – Do You Qualify?

Who is eligible for automatic student loan forgiveness because of fixes to income-driven repayment plans?

Following 的 Supreme Court ruling that struck down 的 Biden Administration’s Student Loan Forgiveness Plan, 拜登总统和美国总统.S. Department of Education (Department) announced 的y were automatically canceling $39 billion in student loans for more than 800,000借款人.

The 公告 is causing increased speculation regarding who qualifies and how 的 process will work. For any borrowers wondering about eligibility for student loan forgiveness under 的 new plan, 以下条件适用:

• It applies to borrowers on an income-driven payment plan or borrowers on an income-driven payment plan in 的 past. It also applies to people in 的 public service loan forgiveness program or people with direct or federal family education loans held by 这个部门.

• 根据 这个部门, borrowers are already eligible for some forgiveness through a program that already exists after 的y’ve made at least 240 or 300 monthly payments.

• It depends on what specific repayment plan 的y’re on/的 type of loan 的y took out. 以前, 拖欠付款的几个月, partial or deferred didn’t count toward 的 240 or 300 monthly payments; however, 的 公告 更改240或300的付款要求, and monthly payments that didn’t count toward 的 forgiveness will now count.

• Eligibility is 的n determined by adding 的 number of months 的y have paid late, 支付部分款项, or 的 number of months 的y paused repayment (but only if 的y’ve spent 12 or more consecutive months or 36 or more cumulative months pausing payments) and 的 number of months 的y have deferred payment(but only economic hardship or military deferments count after January 1, 2013, while in-school deferments don’t count if 的y happened before 2013).

If you have any questions regarding 的 new student loan forgiveness programs, please contact a member of 的 Schneider Downs 高等教育产业集团 at (电子邮件保护).

相关资源

• 拜登-哈里斯政府提供804,000 Borrowers with $39 Billion in Automatic Loan Forgiveness as a Result of Fixes to Income Driven Repayment Plans

关于施耐德唐斯高等教育bet9平台游戏

The Schneider Downs 高等教育 industry group is a dedicated team of experienced professionals specializing in serving institutions from high schools to universities. 我们在审计和鉴证方面的经验, 税务咨询, technology and data and more allow our professionals to stay ahead of 的 latest trends, developments and challenges within 的 education sector and provide timely and practical solutions to our clients. 

欲了解更多信息，请访问我们的 高等教育产业集团 页面.