If your student loan balance is suddenly showing zero, some of the many reasons could be: Your federal student aid or private student loans were forgiven. You've completed one of the student loan forgiveness programs. You qualify for Public Service Loan Forgiveness (PSLF), or.
Private student loans are not listed on studentaid.gov because they are not issued or managed by the federal government. If you know who your private loan servicer is, you can log in to your online account with the servicer, or call your servicer to get your loan information.
Your credit report will show open loans but may not reflect the most updated information. If your student loan dropped to zero, it could be because your loan was transferred to a new servicer, or you qualified for student loan forgiveness.
Discover is transferring the Discover Student Loans portfolio and the servicing of their loans to a third-party provider to focus their efforts on other key business objectives.
After January 2024, you can no longer apply for a Discover student loan. A third-party provider will be overtaking Discover's student loans portfolio.
If your credit report shows that a student loan account was closed due to a transfer, it means that your loan has been sold or transferred to another student loan servicer. This typically happens with federal and private student loans when: A borrower falls behind on monthly payments and defaults.
If your salary drops below the salary threshold your payments will be stopped. They will only start again when you go over the salary threshold. Learn more about repaying if you're employed on the Student Loan Repayment website.
MOHELA, the loan servicer for the PSLF program, has stated that payment counts for PSLF may temporarily show zero qualifying payments. This can be really confusing for borrowers who were told they needed to consolidate their loans in order to be eligible for PSLF or to maximize their eligibility for PSLF.
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.
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.
Why do loans get switched or transferred to a different servicer? Sometimes, we need to transfer loans from one servicer to another—for example, when a servicer's contract with us ends. Even if we transfer your loans to a new servicer, we (the U.S. Department of Education) still own your loans.
$57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
If it's been more than 45 days since you received your loan, contact the financial aid office for the school that processed it. They can tell you why your loan or grant hasn't been reported in the database.
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.
Qualifying financial aid awards will show as pending/anticipated until it disburses to Student Accounting. After your aid has disbursed, it will “disappear” as pending/anticipated aid until funds have been officially applied to any tuition, fees, and on-campus housing balance owed.
What happened? Student loans disappear from credit reports 7.5 years from the date they are paid in full, charged-off, or entered default. However, education debt can reappear if you dig out of default with consolidation or loan rehabilitation.
If you work in certain public service jobs and make 120 payments on your Direct Loan(s), you may be eligible to have your loans forgiven. If you are a teacher in a low-income school or educational service agency, you may be eligible for Teacher Loan Forgiveness.
You don't get reported when you're in forbearance. During the on-ramp period (through Sept. 30, 2024), we automatically put your loan in a forbearance for the payments you missed. Here's what this means: Your account was no longer considered delinquent and was made current.
This relief, which is the result of significant fixes that the Administration has made to the Public Service Loan Forgiveness (PSLF) Program, brings the total loan forgiveness approved by the Administration to over $175 billion for more than 4.8 million Americans, which includes $74 billion for over one million ...
Loan requests are cancelled when students: Do not meet Satisfactory Academic Progress (SAP) standards or were not meeting when the loan application was processed. Was not enrolled in at least six eligible credit hours when the loan application was processed.
If you're a Scottish student who started an undergraduate or postgraduate course anywhere in the UK on or after 1 September 1998, you'll be on repayment Plan 4. This means you'll pay 9% of the income you earn over the threshold to the Student Loan Company (SLC). This percentage stays the same if your salary rises.
You will receive notification of your loan discharge via email, mail and/or your online loan servicing account (depending how your communication preferences are set). It will also be reflected when you log in to the Federal Student Aid site using your FSA ID.
An agency closes out a debt when it determines that further debt collection actions are prohibited (for example, a debtor is released from liability in bankruptcy) or the agency does not plan to take any future actions (either active or passive) to try to collect the debt.
Yes. You may be eligible for a full discharge of your Direct Loans, Federal Family Education Loan (FFEL) Program Loans, or Federal Perkins Loans under either of these circumstances: Your school closed while you were enrolled, and you didn't complete your program because of the closure.