- Loan forgiveness applies only to federal student loans disbursed by June 30, 2022.
- Private loans are not eligible.
Related FAQs
- Your annual income must currently be below $125,000 for individuals, or $250,000 for married couples or head of households to be eligible.
- If you are a dependent student, you will be eligible for relief based on parental income, rather than your own income.
- Current and former students with loans are eligible for this debt relief.
- If you are employed by a non-profit, the military, or federal, state, Tribal, or local government you may be eligible to have all of your student loans forgiven through the Public Service Loan Forgiveness (PSLF) program.
- If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20,000 in debt cancellation.
- If you did not receive a Pell Grant in college and meet the income threshold, you will be eligible for up to $10,000 in debt cancellation.
- Your relief is capped at the amount of your outstanding debt (example: If you’re eligible for $20,000 in debt relief, but have a balance of $15,000 remaining, you will only receive $15,000 in relief).