Please visit the U.S. Department of Education's PSLF site for more information or call 1‑800‑433‑3243 and speak to a PSLF support representative.
Look for one who is a Certified Student Loan Professional to help ensure they understand all the ins and outs of student loans. Advice on repayment plans, forgiveness programs and dispute resolution.
Reach out to your college's or university's financial aid office for information about your federal student loan options. Additionally, you can call the U.S. Department of Education's Federal Student Aid Information Center at 1-800-4FED-AID (1-800-433-3243).
After you make your 120th qualifying monthly payment for PSLF, you'll need to submit the PSLF form to receive loan forgiveness. You must be working for a qualifying employer at the time you submit the PSLF form.
If you work full time for a government or nonprofit organization, you may qualify for forgiveness of the entire remaining balance of your Direct Loans after you've made 120 qualifying payments—i.e., at least 10 years of payments. To benefit from PSLF, you need to repay your federal student loans under an IDR plan.
Your student loan servicer(s) will notify you directly after your forgiveness is processed. Make sure to keep your contact information up to date on StudentAid.gov and with your servicer(s). If you haven't yet qualified for forgiveness, you'll be able to see your exact payment counts in the future.
Talk to your loan servicer. Learn how to find out who your loan servicer is if you are not sure. If you still need help, contact the Federal Student Aid Ombudsman Group.
Borrowers looking for assistance through SLE Network can fill out an intake form at studentloanhelp.dfpi.ca.gov or call (888) 774-2227. From there, borrowers will be connected to a network coordinator who will refer them to a SLE Network organization based on their assistance concerns and location.
You may qualify for various loan forgiveness programs without knowing it, but financial advisors can help you land those chances whenever you are eligible. For example, advisors can help you understand and apply for Public Service Loan Forgiveness (PSLF).
You can still apply for Student Loan Forgiveness in 2024. Despite the Supreme Court striking down Biden's initial plan to cancel up to $20,000 in student loans, the president has introduced other programs that have provided $167.3 billion in student loan forgiveness to over 4 million borrowers.
Many student loan borrowers have an opportunity to receive full student loan cancellation or more credit towards cancellation. The U.S. Department of Education will conduct a one-time adjustment this summer , but you may need to take steps to qualify. The deadline to act is June 30, 2024. Here's what you need to know.
You might get a call from someone saying they're affiliated with Federal Student Aid (FSA) or the Department of Education. (They're not.) They'll say they're following up on your eligibility for a new loan forgiveness program, and might even know things about your loan, like the balance or your account number.
After at least 20 years of student loan payments under an income-driven repayment plan — IDR forgiveness and 20-year student loan forgiveness. After 25 years if you borrowed loans for graduate school — 25-year federal loan forgiveness.
First, the U.S. Department of Education (Department) approved 6,100 borrowers for $465 million through Public Service Loan Forgiveness (PSLF). Second, the Department approved nearly 85,000 borrowers for $1.26 billion in relief based upon borrower defense findings.
When you're ready to apply, we suggest you use the PSLF Help Tool to complete your form. If you still have questions, contact the Federal Student Aid Information Center at 1-800-433-3243.
PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying payments while working full-time for a qualifying employer. Only payments made under certain repayment plans (primarily income-driven repayment plans) qualify for PSLF.
Under certain federal programs, it's possible to get your student loans forgiven after 20 years of qualified payments. Private student loans, however, typically don't have forgiveness options, regardless of how long you pay them.
Online or by calling us at (855) 411-CFPB (2372). Depending on your issue, you may also want to file a complaint with your school's accrediting agency or state approval agency. Note that if your school closed, there are processes for getting student loans discharged.
Now that the COVID-19 payment pause has ended, student loan payments have restarted. For most borrowers, the first payment after the payment pause ended was due in October 2023. Review important concepts, tips, and recommendations for repaying your student loans at Repaying Student Loans 101.
In general, borrowers can sue a student loan servicer. If there is a class-action lawsuit against a provider or school, borrowers automatically become a part of the class-action lawsuit but are not directly suing any party.
Any borrower with ED-held loans that have accumulated time in repayment of at least 20 or 25 years will see automatic forgiveness, even if the loans are not currently on an IDR plan. Borrowers with FFELP loans held by commercial lenders or Perkins loans not held by ED can benefit if they consolidate into Direct Loans.
Once we've received all of the documentation needed to determine whether you qualify for loan forgiveness, you'll be notified.
Credit mix: Those who qualify for loan forgiveness may see their scores drop by a few points if the student loan was their only installment loan, as their credit mix (i.e., the different types of credit accounts they have) accounts for 10% of their FICO Score.