Under the new Biden-Harris Student Loan Forgiveness (SLF) program, also known as the Student Debt Relief Loan, eligible borrowers can receive up to $10,000 in federal student debt forgiveness if they did not have a Pell Grant while in college, or up to $20,000 if they had a Pell Grant in college.
Eligibility Criteria:
- Adjusted Gross Income below $125,000 for single persons, or $250,000 for married or head of household.
- Outstanding balance on a federally owned student loan.
- $10,000 credit for borrowers without a Pell Grant or Parent PLUS Loans.
- $20,000 credit for Pell Grant recipients.
Automatic Relief:
Nearly 8 million borrowers are eligible to receive relief automatically because their relevant income data is available to the Education Department.
Application Process:
Borrowers who do not receive automatic relief will need to apply to qualify for the student loan forgiveness. Here are the steps:
1. Create an account at [StudentAid.gov](https://studentaid.gov).
2. Obtain an FSA ID (assigned when creating the account).
3. Log in to apply when the application becomes available.
New SAVE Plan:
The SAVE (Saving on a Valuable Education) plan provides debt forgiveness for borrowers who have been in repayment for at least 10 years and took out $12,000 or less in student loans. Each additional $1,000 borrowed adds 12 more months until forgiveness.
Important Dates:
The application dates and deadlines for the new measures will be announced by the Department of Education. Borrowers should stay updated through official channels to ensure they do not miss any important deadlines.
Finding a Loan Service Provider:
1. Log into StudentAid.gov - Click Menu - Select "My Aid".
2. Check your credit report to see who is listed as the creditor.
3. Call the Federal Student Aid Information Center at 1-800-433-3243 for assistance.
This information is based on the latest updates from reliable media channels and official announcements. For more detailed information, please visit the White House or the U.S. Department of Education
