Student Loan Repayment Changes: IDR Forgiveness and Biden's Relief Plan
IDR Forgiveness Expansion
Due to recent adjustments, periods of repayment deferment and forbearance can now count towards the Income-Driven Repayment (IDR) forgiveness program. This change provides more flexibility for borrowers and could potentially enable them to reach forgiveness sooner.
Biden's Student Loan Forgiveness Plan
President Biden's first student loan forgiveness plan offered an online application, making it easy for eligible borrowers to apply for up to $20,000 in loan forgiveness. The plan aimed to provide relief to millions of Americans struggling with student debt.
Federal Student Loan Debt Relief
Federal Student Loan Debt Relief is a program designed to assist eligible borrowers with full or partial discharge of their loans. Borrowers may be eligible for up to $20,000 in forgiveness, depending on their income and loan type.
SAVE Plan Implementation
The Department of Education will implement the remaining benefits of the Student Assistance General Provisions (SAVE) Plan in July 2024. This plan will further reduce monthly payments and provide additional support to borrowers facing financial hardship.
Public Service Loan Forgiveness Program
The Public Service Loan Forgiveness (PSLF) Program allows eligible borrowers to receive forgiveness of their remaining Direct Loan balance after making 120 qualifying payments while working in certain public service roles.
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