There isn’t currently a deadline to apply for student loan forgiveness, but the Biden administration recommends submitting applications before Nov. 15.
There isn’t currently a deadline to apply for forgiveness, but the administration recommends submitting applications before Nov. 15. That way the department has more time to process millions of applications before the student loan payment pause ends on Dec. 31.Undergraduate loans, graduate loans and Parent PLUS loans managed by the Department of Education are all eligible.
3. My income fluctuated a lot during the pandemic. Which income year should I look at to see if I qualify for forgiveness?2020 or 2021 must meet the loan forgiveness income requirements in order for that borrower to qualify for loan forgiveness. More information on how to document your income will be available in the coming weeks.You may have noticed in our coverage we always say borrowers are eligible for “up to” $10,000 or $20,000 of forgiveness.
One thing to keep in mind: If you made loan payments during the pandemic pause, and your loan balance is now below the baseline $10,000 or $20,000 for Pell recipients, you may want to ask for a refund so you can take advantage of the full forgiveness amount. More on that below. 5. I kept paying off my student loans during the payment pause. Can I get that money back and have more of my loans forgiven?
The short answer is yes. Many borrowers kept paying off their federal student loans during the payment pause because, with interest also paused, it was the perfect time to reduce their debts. These borrowers need not worry: They can still benefit from Biden’s new loan cancellation plan, even if they paid off their student loans during the pause.
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