Here Are 6 Major Changes To Student Loan Forgiveness

Here Are 6 Major Changes To Student Loan Forgiveness

Here's what you need to know. Through October 31, 2022, you have a golden opportunity to qualify for student loan forgiveness like never before. If you're pursuing public service loan forgiveness, you should take advantage of a limited waiver for student loan forgiveness. President Joe Biden and the U. S. Department of Education have changed the requirements for public service loan forgiveness so that more student loan borrowers qualify more quickly. Here are the 6 major changes and how you can benefit: If you're pursuing public service loan forgiveness, you can get total forgiveness of your federal student loans. To qualify, you'll have to meet certain requirements, such as making 120 monthly student loan payments while enrolled in an income-driven repayment plan. You'll also need to work for a qualified public service or non-profit employer. (Is student debt cancellation next?) According to the U. S. Department of Education, under the current rules for student loan forgiveness: Until October 31, 2022, you can apply for a limited waiver for student loan forgiveness. This limited waiver is a "catch all" waiver, which allows you to "count" any previous student loan payments that weren't eligible under the current rules. Effectively, the Education Department