Student Loan Forgiveness Application

Biden Administration Announces Automatic Student Loan Forgiveness

Up to $12 Billion Discharged for Nearly 153,000 Borrowers

Apply by December 31st for Income-Driven Repayment Options

The Biden-Harris Administration today announced that it will automatically discharge $12 billion in student loans for nearly 153,000 borrowers. The announcement follows the Administration's recent executive actions on student loan forgiveness, including the extension of the student loan payment pause and the overhaul of income-driven repayment plans.

To be eligible for automatic loan forgiveness, borrowers must have received a Pell Grant and have made at least 120 qualifying payments on their federal student loans. The payments do not need to be consecutive, and borrowers may have made them under different repayment plans.

Borrowers who believe they may be eligible for automatic loan forgiveness but have not yet received a discharge should visit StudentAid.gov for more information. The website also includes a tool that borrowers can use to check their eligibility.

In addition to automatic loan forgiveness, the Administration is also encouraging borrowers to apply for an income-driven repayment plan. Income-driven repayment plans allow borrowers to cap their monthly student loan payments at a percentage of their income, making it easier to manage their debt.

To apply for an income-driven repayment plan, borrowers must fill out an application. The application is available online at StudentAid.gov. The deadline to apply is December 31, 2023.