Student Loan Forgiveness Resources
In August, President Biden revealed the Administration's three-part plan for student loan debt forgiveness:
- Part 1 is the final extension of the student loan repayment pause which is now set to expire on December 31, 2022 with payments resuming in January 2023.
- Part 2 includes $20,000 in forgiveness for Pell Grant recipients and $10,000 in forgiveness for students that did not receive Pell Grants. To qualify for forgiveness borrowers must individually earn less than $125,000 or $250,000 for married couples or head of households.
- Part 3 proposes a rule change to create a new income-driven repayment plan that would require borrowers to pay no more than 5% of their discretionary income.
One-Time Student Loan Debt Relief
We have created the Do I Qualify For Student Loan Debt Forgiveness? chart to help borrowers determine if and for how much relief they may qualify for. The application for one-time student debt relief is now live until December 31, 2023, over 22 million borrowers have already applied. Click here to apply.
For additional information on the one-time student loan debt relief, click here.
Public Service Loan Forgiveness
On Oct. 6, 2021, the Department of Education announced limited time changes to the Public Service Loan Forgiveness (PSLF) program. Millions of non-profit and government employees have federal student loans and may now be eligible for loan forgiveness or additional credit through the Limited PSLF Waiver. Until October 31, 2022, federal student loan borrowers may receive credit for past periods of repayment that would otherwise not qualify for PSLF.
Borrowers can visit the White House's new PSLF website and use the a simple 3-Step Eligibility Tool to deterine eligibility and for additional information on the PSLF waiver.
Whether through Pell Grants, institutional aid, or workforce development programs, the federal government has a significant impact on community colleges. The Association of Community College Trustees strongly believes that civic action is an important part of working for community colleges. To that end, the Advocacy section of this website is designed to help trustees become better informed about what is happening in Washington, gain knowledge as how to be the best advocate, and take action on behalf of their institutions. If you can't find what you need here, don't hesitate to contact us.
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