Just Announced: The student loan payment pause is extended until 60 days after the Department is permitted to implement the debt relief program, or the litigation is resolved. If the program has not been implemented and the litigation has not been resolved by June 30, 2023, payments will resume 60 days after that.
The U.S. Department of Education may provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers may be eligible for this relief if their income is below $125,000 for single or married separate borrowers. Or $250,000 for married filing joint couples or heads of households.
On April 19, 2022, the U.S. Department of Education (ED) announced several changes and updates that will bring borrowers closer to forgiveness under income-driven repayment (IDR) plans.
Based on the newly eligible months from the one-time account adjustment, borrowers who have reached 240 or 300 months’ worth of payments for IDR forgiveness or 120 months for PSLF will begin to see their loans forgiven in November 2022. All other borrowers will see their accounts update in July 2023.
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