President Joe Biden will cancel $6.2 billion in student loans through changes to student loan forgiveness. Here’s what you need to know.
The Public Service Loan Forgiveness cancels federal student loans if you meet several requirements. For example, you must work full-time for an eligible public service or non-profit employer, enroll in an income-driven repayment plan and make at least 120 monthly student loan payments. After meeting eligibility requirements, the remaining balance of your federal student loans will be forgiven.
Make sure to submit an Employer Certification to the Education Department annually and each time you change employers.Federal student loan payments are scheduled to restart after May 1, 2022. Since March 2020, student loans borrowers haven’t been required to make any federal student loan payments. Student loan borrowers have been able to “count” any non-payments toward the 120 monthly payment requirement for student loan forgiveness.
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