10/29/2022 0 Comments Adobe golive help![]() ![]() The White House clarified last week that borrowers will be able to opt out if they don’t want to receive the debt forgiveness. ![]() Now, privately held federal student loans must have been consolidated before September 29 in order to be eligible for the debt relief. The Department of Education initially said these loans, many of which were made under the former Federal Family Education Loan program and Federal Perkins Loan program, would be eligible for the one-time forgiveness action as long as the borrower consolidated his or her debt into the federal Direct Loan program.īut the agency has reversed course after six Republican-led states sued the Biden administration, arguing that forgiving the privately held loans would financially hurt states and student loan servicers. The administration has said the change could affect about 700,000 people. The program will now exclude borrowers whose federal student loans are guaranteed by the government but held by private lenders. The Biden administration scaled back eligibility for the program last week, as it faces mounting legal challenges to the policy. To be notified when the process has officially opened, sign up at the Department of Education subscription page. We’ll contact you if we need any additional information from you,” the department said an email to borrowers last week.īorrowers will have more than a year to apply. “Once you submit your application, we’ll review it, determine your eligibility for debt relief and work with your loan servicer(s) to process your relief. Borrowers won’t need to upload any supporting documents or use their Federal Student Aid ID to submit the application. The online application will be short, according to the Department of Education. ![]()
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