When will student loans be forgiven?
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Federal student loans are a common way to finance a college education. However, as college costs continue to increase, student debt becomes more and more of a national problem. Programs like federal family education loans and the student loan forgiveness program are meant to help borrowers afford college and decrease their debts.
Students who took out federal student loans may be eligible for up to $20,000 in debt relief. The loan forgiveness program can help borrowers recover from their remaining federal student loan debt by canceling or forgiving a large portion of the remaining debt.
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Federal student loans will be forgiven as soon as the borrower’s student loan forgiveness application is processed. Applications can be sent in anytime between now and December 31, 2023. Federal student loan borrowers will have a significant portion of their debt forgiven by December 31, 2023, or sooner if they meet all of the qualifying criteria.
One important rule to remember when applying for student loan forgiveness is that the program only forgives loans taken out before June 30, 2022. Loans taken out after this date are not eligible for forgiveness.
For more resources on student debt relief and federal student aid, make a free profile with Bold.org. Student loan forgiveness can be confusing, but with the help of our ultimate guide on student loan forgiveness, the program should be easier to understand.
Federal student aid is a common way to pay for college for thousands of students. Those who are looking to increase their college budgets should also consider scholarships as a way to supplement any federal student loans they may already have.
Unlike student loans, scholarships do not need to be repaid at all. There’s a scholarship for every student out there, and there’s no limit to how many scholarships you can apply for. For more information, read this guide on how student loans and scholarships are different.
In fact, many scholarships can even be used to repay your federal student loan debt. Start applying for scholarships today. Check out the list of scholarships for paying off student loan debt or browse all the scholarships available on Bold.org.
Important dates to know:
- June 30, 2022
Only loans taken out before this date are eligible to receive forgiveness. Loans taken out after this date will not be eligible for debt relief programs.
- December 31, 2022
This is when the student loan pause will end. Currently, federal loan monthly payments and interest are suspended while borrowers apply for debt relief. Borrowers will need to resume federal student loan repayments if they still have debt a