Biden-Harris Administration Announces Automatic Discharge of $12 Billion in Student Loans
Income-Driven Repayment Plan Applications Open
Borrowers who wish to repay their federal student loans under an income-driven plan must complete an application. The application is available online at StudentAid.gov/IDR.
PSLF Application
To apply for the Public Service Loan Forgiveness (PSLF) Program, visit StudentAid.gov/PSLF. The PSLF Program allows borrowers to receive forgiveness of the remaining balance of their Direct Loans after they have made 120 qualifying payments while working full-time for a qualifying public service employer.
Automatic Loan Discharge
In addition to opening theIDR and PSLF applications, the Biden-Harris Administration is also automatically discharging $12 billion in loans for nearly 153,000 borrowers. These borrowers are those who attended ITT Technical Institute and Corinthian Colleges, two schools that closed down due to widespread fraud and abuse.
The Department of Education will determine the eligibility of borrowers for the automatic loan discharge and will contact them if more information is needed. Borrowers who believe they are eligible for the automatic loan discharge can visit StudentAid.gov/borrower-defense to learn more.
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