In his last major move on student loan relief, President Joe Biden has approved a final round of forgiveness, benefiting 4,550 borrowers. This action brings the total number of borrowers who’ve received loan relief under his administration to more than 5 million. Here’s what you need to know about eligibility and what this means for the future of student debt relief.
Who Qualifies for the Final Round?
This last batch of loan forgiveness targets borrowers in specific categories, ensuring relief reaches those who need it most:
- Defrauded Borrowers:
Borrowers who attended schools that engaged in deceptive or fraudulent practices are eligible for forgiveness. These individuals often incurred debt for degrees or programs that failed to deliver promised outcomes. - Disability Discharge:
Borrowers with total and permanent disabilities qualify under the Department of Education’s disability discharge program, which cancels loans for those unable to work due to medical conditions. - Public Service Workers:
Employees in government or nonprofit jobs can benefit under the Public Service Loan Forgiveness (PSLF) program, provided they meet the criteria, including 120 qualifying payments and certified employment.
How to Verify Your Eligibility
If you believe you might qualify for this round of forgiveness, take these steps:
- Check Your Notifications: The Department of Education will notify eligible borrowers through email or mail.
- Log In to StudentAid.gov: Review your loan status and check for updates on forgiveness applications or approvals.
- PSLF Certification: Ensure your employment certification forms are submitted and up to date if you work in public service.
Biden’s Student Loan Forgiveness Record
Since 2021, the Biden administration has forgiven over $183 billion in student loans, benefiting millions of borrowers. This includes those impacted by predatory school practices, individuals with disabilities, and public service employees who meet eligibility requirements.
The latest action addresses systemic inequities in the student loan system, providing relief to groups that have historically faced the greatest financial hardships.
What’s Next for Borrowers?
As President Biden concludes his term, the future of federal student loan forgiveness programs is uncertain. Borrowers should monitor potential policy changes under the incoming administration and maintain communication with their loan servicers.
In the meantime, those eligible for forgiveness should act quickly to ensure their documentation is complete and accurate.
The Biden administration’s final round of student loan forgiveness highlights its commitment to tackling the student debt crisis. With targeted relief for defrauded borrowers, disabled individuals, and public servants, this effort provides critical financial support to thousands of Americans.
Borrowers are encouraged to stay informed and visit StudentAid.gov to track their loan status and eligibility. As the program evolves, staying proactive will help ensure you receive the benefits you’re entitled to.
