Will you be notified if your student loans are forgiven?

Asked by: Prof. Izaiah Wisoky V  |  Last update: January 26, 2025
Score: 4.7/5 (14 votes)

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.

How can I tell if my student loans were forgiven?

Comments Section You'll receive a letter confirming forgiveness. Before that you'd receive notice you'd hit 120, you'd get a letter telling you you've been identified for forgiveness and to expect X days, then your account would zero on the servicer, then on studentaid.gov.

How long does it take to hear back about student loan forgiveness?

A final review of your account will be done to process forgiveness, which will take at least 90 business days. You're required to continue making payments while your form is being processed, unless your account is in a forbearance status.

When should I expect my student loan forgiveness?

For those on an income-driven repayment (IDR) plan, such as Income-Based Repayment (IBR), Pay As You Earn (PAYE), or Revised Pay As You Earn (REPAYE), loan forgiveness can occur after 20 or 25 years of qualifying payments, depending on the specific plan.

What is the status of my loan forgiveness?

If you've been making payments toward PSLF, you can view your progress in your My Aid page by following these steps: Log in to your StudentAid.gov account. From your Dashboard, navigate to “My Aid.” Select “View Details” to open your My Aid page, then scroll down to PSLF/TEPSLF Payment Progress.

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What happens after loan forgiveness is approved?

What will happen if my Public Service Loan Forgiveness (PSLF) application is approved? If you are approved for Public Service Loan Forgiveness, you'll be notified that the entire remaining balance of your eligible Direct Loans, including all outstanding interest and principal, will be forgiven.

How do I check my student loan status?

At StudentAid.gov, you can find: Your student loan amounts and balances. Your loan servicer(s) and their contact information. Your interest rates.

Will I be notified if my student loan is forgiven?

PSLF counts will continue to be adjusted each month until the IDR counts for all federally held FFEL Program and Direct Loans are adjusted in 2024. Your student loan servicer(s) will notify you directly after your forgiveness is processed.

Has student loan forgiveness been approved?

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.

Why have my student loans disappeared?

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. Student loans can have an outsized impact on your credit score.

How do I know if my student loan forgiveness application was processed?

You can check the status of your form(s) when you log in to StudentAid.gov. Don't forget to submit the PSLF form with your employment certification every year.

Do you have to pay back student loans if they are forgiven?

If you qualify for forgiveness, cancellation, or discharge of the full amount of your loan, you won't have to make any more payments on that loan.

How will I know if I automatically qualify for student loan forgiveness?

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.

Why does my student loan say paid in full?

You may notice your former servicer has cleared your loan account. For example, your loan balance may come up as “paid in full” on your former servicer's website or on your credit report. This does not mean you've received loan forgiveness. This is part of the loan transfer process.

Does student loan forgiveness affect your credit score?

If your federal student loans are forgiven, you could get a refund, and you might see your credit score dip.

Has anyone actually gotten student loan forgiveness?

As of mid-July 2023, approximately 662,000 borrowers have qualified for forgiveness under the limited PSLF waiver.

Can you be denied student loan forgiveness?

If we determine that you're not eligible for loan forgiveness at this time, you'll be notified and will be provided with the reason(s) we determined you were ineligible. You'll then be required to resume making payments on your loans.

What is the approval rate for student loan forgiveness?

Applications are approved at roughly the same rate. 2.3% of processed applications for PSLF had been approved since the program's inception. In the program's first year, 0.32% of applications were approved. Prior to 2021, 3.3 million student loan borrowers were eligible to apply for PSLF (though only 6.9% applied).

How will student loans be forgiven automatically?

However, certain periods of forbearance, deferment, or default will count toward forgiveness in the circumstances described above. Any borrowers with loans that have accumulated eligible time in repayment of at least 20 or 25 years will see automatic forgiveness, even if they are not currently on an IDR plan.

Why did I get a student loan refund check?

Why did my college send me a check? A refund check is money that is directly deposited to you by your college. It is the excess money left over from your financial aid award after your tuition and additional fees have been paid. Your college may send you a check or the money may be deposited into your checking account.

How can I make sure my student loans are forgiven?

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.

What is happening with student loan forgiveness?

The Supreme Court ruled we could not implement pandemic-related student loan debt relief, so we can't use your application from 2022. The new proposed regulations are different, and we're currently working to finalize their terms, including who may receive loan forgiveness.

Why is my student loan balance zero?

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.

How do I know if I was approved for student loan?

To check the status of your PLUS loan application, contact the Federal Student Aid Information Center at 1-800-433-3243, or initiate a chat on StudentAid.gov. Was this page helpful? When will I receive my financial aid?