How do I know if my student loans will be forgiven?
To be eligible for forgiveness, you must have federal student loans and earn less than $125,000 annually (or $250,000 per household). Borrowers who meet that criteria can get up to $10,000 in debt cancellation. If you also received a Pell Grant during your education, you can qualify for up to $20,000 in forgiveness.
How long does it take to get student loan forgiveness?
Under the original timeline, once borrowers submitted their application, they could expect relief within four to six weeks, according to the Federal Student Aid website. The Education Department advised borrowers to apply before Nov. 15, 2022, to receive relief before the payment pause expires at the end of December.
Are student loans forgiven after 20 or 25 years?
Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 years (if all loans were taken out for undergraduate study) or 25 years (if any loans were taken out for graduate or professional study).
Are student loans being forgiven after 10 years?
Under the federal program, eligible borrowers can have their loans discharged after 10 years if they meet eligibility requirements.