The main aim of the student loan forgiveness program (SLP) is to reduce the burden of federal loan debt on students. The Department of Education in the USA provides various SLPs to give relief to federal student loans. But, there is one thing that needs to be kept in mind it only gives relief to federal student loans, not the private ones.
All credit goes to the Student Loan Forgiveness Program for providing financial relief on federal loan debts. People who want to take advantage of the SLF scheme can fill out the application form. Keep an eye on the “student aid web platform” for the application form. Soon, it will be live.
Under President Joe Biden’s authority, the main purpose of the Student Loan Forgiveness Program is to ease the financial burden of millions of people in the USA. It also provides more accessibility towards the higher education of the students.
Students can take advantage of this program more effectively by understanding the application process as well as checking the status of the request, and being aware of the important dates.
Overview of Student Loan Forgiveness Deadline
| Name of Article | Student Loan Forgiveness Deadline 2024 |
| Name of Country | United States of America |
| Name of Department | Department of Education |
| Application Start Date | October 2024 |
| Application End Date | December 2024 |
| Official Website | https://studentaid.gov/ |
| Category | Finance |
What are the different types of Student Loan Forgiveness Programs?
- Teacher Loan Forgiveness Program: Teachers who have low income and are working in a school for 5 years can apply for this program.
- Income-Driven Repayment Plans: These plans allow borrowers to generate payments according to their family size and income. The remaining balance is forgiven after depositing a certain qualifying payment, usually after 20-25 years. Some IDRs are Income-based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE).
- Public Service Loan Forgiveness: This program is for employees who work in public service jobs. They need to make 120 qualifying payments while employed by an eligible employer.
- Borrower Defense to Repayment: People can apply to this loan forgiveness program if their educational institutions collapsed while they were enrolled there or soon after they departed from the academic institution.
Eligibility Criteria for SLF Programs
This program is available to people who are borrowers of federal student loans and meet specified criteria of income. People who have worked in public firms are eligible for SLFs. But, there is one thing that needs to be kept in mind, AGI (Adjusted Gross Income) is used to determine the criteria, not the total earnings.
- If an individual or a married person filing individually has federal income less than $125,000 is eligible.
- A head of household or a couple filing together earns less than $250,000 per year is eligible.
- People working in public firms for at least 10 years are also eligible for SLF programs.
- Students who have met the income standards are also eligible for loan debt forgiveness programs of up to $20,000.
Application Procedure
- Firstly, check the type of loan you are applying for and make sure that you’ve federal loans, not private loans.
- For a teacher loan forgiveness program, make sure that your school is eligible for it.
- You must be a full-time working employee in a public form to qualify for PSLF.
- To qualify, you must also make a certain amount of payment to qualify for the loan.
- Lastly, send the application to the loan servicer, but make sure to satisfy all the necessary requirements.
Time Required to Forgive Student Loan Debt
| Program | Duration |
| PSLF | 10 years of working in a public firm |
| Teacher Loan Forgiveness Plan | 5 years of teaching in a school |
| Income Driven Plan | 20-25 years |
| President’s Loan Forgiveness Plan | 4-6 weeks |
| Home Page | https://www.easthamptonchamber.com/ |
FAQs of Student Loan Forgiveness Program 2024
Expectedly, 31st December 2024 is the last date of application.
Yes, if you’ve been working in a school for more than 5 years and have a low income, then you can apply.
10 years of Public Service.
Riya Claire is the Editor-in-Chief of the East Hampton Chamber Portal. She holds a degree in Mass Communication, an MBA in Finance, and a diploma in HR, making her a versatile professional for an online portal