Let us know the latest update on the Student Loan Forgiveness program by the Biden administration.
In certain situations, you can have your federal student loans forgiven, canceled, or discharged.
The Biden administration said that 26 million borrowers have applied for Student Loan Forgiveness debt relief.
According to the education department, out of 26 million people16 million have already been approved for relief.
Public Service Loan Forgiveness: you could be eligible for loan forgiveness under Public Service Loan Forgiveness (PSLF) program.
Teacher Loan Forgiveness: you could qualify to receive forgiveness amounting to $17,500 for Direct Loans or FFEL Program.
Closed School Discharge Loan: Available for Direct Loans, FFEL Program loans, and Perkins Loans.
Total Disability Discharge: It's Available for Direct Loans, FFEL Program loans, and Perkins Loans
Loan Discharge Due to Death: Loans will be discharged due to the death of the borrower or of the student.
If Approved: for cancellation, forgiveness, or discharge of just part of the loan, you will be accountable for the remainder of the amount.
If Rejected: the applicant will be accountable for the repayment of the loan in accordance with the conditions of the promissory note signed.