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You’ll receive student loan forgiveness of your remaining balance after you’ve made the equivalent of 10 years (or 120 student loan payments) under this program.
Under the new rule, loan balances will be forgiven after 10 years of payments, instead of the current 20 years under many income-driven repayment plans, for borrowers with original loan balances ...
In the summer of 2023, the Supreme Court ruled to strike down Biden’s student loan forgiveness program, which would have canceled up to $20,000 of debt for roughly 43 million eligible borrowers.
Borrowers whose original balance was $12,000 or less and have been in repayment for 10 years get relief. ... $1.2 billion in student loan debt under a key ... for loan forgiveness," James Kvaal ...
The PSLF program forgives remaining student loan balances for borrowers in the Direct Loan program after 120 qualifying monthly payments under an income-driven repayment (IDR) plan.
Under the plan, up to $10,000 in federal student debt relief may be offered to borrowers whose income in 2020 or 2021 was less than $125,000 (or $250,000 for households).