000 in forgiveness, but because he didn’t have a Pell Grant while in college, he is not eligible for the $20,000 of forgiveness. The other plaintiff has commercially-held FFELP loans and isnot eligible for forgiveness due to the Biden administration’s recent...
As of May 15, more than 996,000 longtime borrowers have qualified for roughly $49.2 billion in student loan forgiveness. It's the result of an automatic IDR account adjustment, previously called the "IDR waiver," announced by the Biden administration in April 2022. Under this one-time program...
Eligible Federal Loans– Not all federal loans qualify for PSLF. Fortunately, some loans that don’t qualifycan become eligiblevia the process of Federal Direct consolidation. However, going through consolidation also restarts the forgiveness clock. Therefore, borrowers who need to consolidate should do...
Poison Pills– If you have privately-held FFELP loans and other federally-held loans, consolidating now could mean the new combined loan misses out on the one-time forgiveness. In this case, the best practice is to apply for the one-time relief immediately, and then later consolidate the rem...