The Hill give a rundown on dates and actions President Biden has made….
The President says right now January 1, 2023 is the end of interest hold….
(He’s changed deadlines for things several time already…)
As many as 43 million Americans are expected to have some or all of their federal student loans forgiven by the Biden administration in the coming weeks.
If you qualify, there are a few dates to be aware of to make sure you receive your loan relief….
October
According to the U.S. Department of Education, nearly 8 million borrowers may qualify for automatic student loan forgivenessbased on data the department already has. For the remaining roughly 35 million borrowers, an application is required to receive relief.
An exact date for when that application will open hasn’t been released but the Education Department says you can expect it “by early October 2022.” It will initially be an online form with a paper version being made available “at a future date.”
You can register to be notified when the application is available through the Department of Education by filling out this form….
…
Once you’ve applied for and been approved for student loan forgiveness, the Education Department says your loan servicer will notify you when relief has been applied to your account.
In addition to student loan forgiveness, the Biden administration has proposed a new rule to change to create a new income-driven repayment plan that will substantially reduce future monthly payments for lower- and middle-income borrowers, and proposed long-term changes to the Public Service Loan Forgiveness program….