Student Loan Forgiveness 2024: New Initiatives and Relief Programs
Find out who qualifies for student loan forgiveness in 2024. Learn about eligibility for federal loans based on income-driven plans, public service, teaching, and specific professions.
by S Samayanka
Updated May 27, 2024
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Student Loan Forgiveness 2024
Student Loan Forgiveness 2024 is a program with initiatives that are aimed at reducing or eliminating the debt of students who are eligible under certain conditions. People with student loans can now get their loans forgiven faster with a new plan from President Biden's administration.
The plan is called SAVE, which stands for Saving on a Valuable Education. The forgiveness of loans, originally planned for July 2024, has been rescheduled to start in February.
Approximately 6.9 million individuals have already registered for SAVE. Compared to other plans, this option allows borrowers to make smaller payments and have their loans forgiven more quickly.
Who Qualifies for Student Loan Forgiveness?
You can qualify for loan forgiveness if you have federal student loans and are on an income-driven repayment plan.
If you are employed on a full-time basis by a government or specific non-profit organization and complete 120 qualifying monthly payments, you may qualify for loan forgiveness under the Public Service Loan Forgiveness (PSLF) program.
Teachers who have been employed in low-income schools for five continuous years could qualify for loan forgiveness of up to $17,500.
Certain professions, such as nurses, doctors, and public service lawyers, may be eligible to have their loans forgiven after fulfilling specific requirements.
If you become permanently disabled or pass away, your loans may be discharged.
If the school you are attending shuts down while you are still enrolled, or soon after you have withdrawn, you might be eligible for loan forgiveness.
How to Register for the SAVE Program?
- Go to the Education Department’s website.
- Use your federal student ID number to log in.
- Make sure you have eligible loan types (Direct subsidized, Direct unsubsidized, or Direct PLUS loans for graduates/professionals).
- Complete the registration form with your details.
- Submit the form online.
- If you have other types of federal loans, consolidate them into a Direct Loan to qualify.
- If your loans are in default, use the Fresh Start Initiative to get them back in good standing before applying.
How Much Total Student Loan Debt Relief Has The Biden-Harris Administration Approved?
The total student loan debt relief approved by the Biden-Harris Administration is $167 billion.
Overall Total: $167 billion in student loan debt relief has been approved.
Total Borrowers Helped: This relief has benefited 4.75 million borrowers.
Recent Approval: An additional $7.7 billion was recently approved for 160,500 borrowers.
Specific Programs:
Public Service Loan Forgiveness (PSLF): $68 billion approved for 942,000 borrowers.
Saving on a Valuable Education (SAVE) Plan: $5.5 billion approved for 414,000 borrowers.
Income-Driven Repayment (IDR) Adjustments: $51 billion approved for over 1 million borrowers.
Other Relief Efforts:
$28.7 billion for borrowers cheated by their schools or those whose schools closed.
$14.1 billion for borrowers with a total and permanent disability.
These efforts are part of a broader initiative to reduce the student loan burden and provide financial relief to millions of Americans.
Who Benefits From The New $7.7 Billion In Student Debt Relief?
Public Service Loan Forgiveness (PSLF) Recipients:
About $5.2 billion is allocated to 66,900 borrowers who qualify for PSLF.
These borrowers work in public service jobs and have met the requirements for loan forgiveness.
Saving on a Valuable Education (SAVE) Plan Participants:
$613 million will help 54,300 borrowers enrolled in the SAVE Plan.
The SAVE Plan provides relief after 10 years of payments, benefiting those with smaller loans for their studies.
Income-Driven Repayment (IDR) Beneficiaries:
$1.9 billion is designated for 39,200 borrowers through administrative adjustments to IDR.
IDR adjustments bring borrowers closer to forgiveness, addressing long-standing concerns with loan servicers' practices.
Overall Impact:
The relief benefits a total of 160,500 borrowers.
This brings the total student loan forgiveness approved by the Biden-Harris Administration to $167 billion for 4.75 million Americans.
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Student Loan Forgiveness 2024 - FAQs
1. What is the SAVE Program?
The SAVE Program, or Saving on a Valuable Education, helps students get their loans forgiven faster by making smaller payments.
2. Who qualifies for loan forgiveness?
You may qualify if you have federal student loans, are on an income-driven repayment plan, work for the government or certain non-profits, or meet specific criteria like being a teacher in a low-income school.
3. How do I register for the SAVE Program?
Visit the Education Department’s website, log in with your federal student ID, ensure you have eligible loans, fill out the registration form, and submit it online.
4. How much student loan debt relief has been approved?
The Biden-Harris Administration has approved $167 billion in relief, benefiting 4.75 million borrowers, with an additional $7.7 billion recently approved for 160,500 borrowers.
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