Make less than $125,000 per year as a single filer or less than $250,000 per householdīorrowers who received a Pell Grant in college could receive $20,000 in forgiveness, while borrowers who didn’t could get up to $10,000.Hold federal student loans from the Direct loan program, such as Direct subsidized loans, Direct unsubsidized loans, graduate PLUS loans, parent PLUS loans or consolidation loans.Eligibility Requirements for Biden’s Loan Forgiveness Planīiden proposed mass cancellation of federal student loans for borrowers who meet the following eligibility requirements:
That said, you may be able to find student loan repayment assistance options for both federal and private student loans from your state, a private organization or your employer. Only federal student loans are eligible for federal loan forgiveness programs, but the specific eligibility requirements vary by program. You can qualify for student loan forgiveness of your remaining balance after 20 or 25 years on an IDR plan, as long as you’ve made your payments on time. Requirements include working as a registered nurse, nurse practitioner or nurse faculty member who serves a high-need population in a critical shortage area. This federal program forgives up to 60% of your student loan balance after two years and an additional 25% after a third year. Depending on the subject you teach, you could qualify for up to $17,500 in student loan forgiveness. This program requires that you teach full-time for five consecutive years in a low-income school or educational service agency. You also must make 120 qualifying payments on your student loans, specifically on an IDR plan. The PSLF program requires that you work full-time for 10 years in a qualifying organization, which includes government agencies and 501(c)(3) not-for-profits. Here are the criteria for a few popular options: The eligibility requirements for student loan forgiveness vary by program. Who Is Eligible for Student Loan Forgiveness?
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