The Federal government today announced the long-awaited loan forgiveness decision. Most borrowers will have $10,000 forgiven earning less than $125,000. If you attended college with Pell grants, you may be entitled up to $20,000 in forgiveness. The Department of Education has income for most borrowers on file. If the Department of Education does not have your income, a process will be announced shortly to provide that information for eligibility by December 2022. More to come; in the meantime, you can sign up for updates at Department of Education Student Loan Updates.
The Federal government has also extended the repayment pause one last time until December 31, 2022. This will be the final extension of the payment pause. Read more here.
Please see the following chart for more details:
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