Student Loan Forgiveness Eligibility Dates

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Biden Administration Announces Major Changes to PSLF Program

Automatic Discharge for Borrowers with 10 Years of Payments

In a major announcement today, the Biden-Harris Administration unveiled significant changes to the Public Service Loan Forgiveness (PSLF) Program. Effective immediately, borrowers who have made at least 10 years of payments on their federal student loans while working in public service will now be eligible for automatic forgiveness of their remaining balance.

Expanded Eligibility for PSLF

The expanded eligibility for PSLF is a substantial departure from the previous program requirements, which required borrowers to make 120 consecutive, on-time payments. Under the new guidelines, borrowers will no longer need to prove every single payment they made, and the 10-year payment period can be non-consecutive. This means that even borrowers who have had periods of unemployment or part-time work may now qualify for forgiveness.

Addressing Pandemic-Related Financial Hardships

The Administration also announced that it will be using existing student loan forgiveness programs to cancel the remaining balances of borrowers who have been financially impacted by the COVID-19 pandemic. This effort aims to address the ongoing financial challenges faced by low- and middle-income borrowers, many of whom have struggled to make their monthly loan payments during the pandemic.

Next Steps for Borrowers

Borrowers who believe they may qualify for PSLF forgiveness under the new guidelines are encouraged to visit the Federal Student Aid website at www.studentaid.gov. They can also contact their loan servicer for more information and to initiate the forgiveness process.

The Biden Administration's changes to the PSLF Program represent a significant step towards making student loan forgiveness more accessible and equitable for public service workers. By expanding eligibility and addressing pandemic-related financial hardships, the Administration hopes to provide much-needed relief to borrowers and support those who have dedicated their careers to serving their communities.