While the Biden administration’s student loan forgiveness plan and its legal controversies have garnered significant attention, the U.S. Department of Education has already canceled over $66 billion in education debt through existing programs. The Public Service Loan Forgiveness program has seen an increase in debt cancellation due to policy changes, with over $42 billion in loan forgiveness granted to more than 615,000 borrowers since October 2021. This assistance has just been made available to more than 2 million debtors, including students who were deceived and employees of the public sector.
Advocates have shown concern for the administration’s plan to resume federal student loan payments without deeper debt cancellation, as a significant number of borrowers were already delinquent or in default prior to the pandemic.
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Borrowers can determine their eligibility by filling out an employer certification form and maintaining records of qualifying payments. The pause on federal student loan payments during the pandemic has been advantageous for those pursuing loan forgiveness through the Public Service Loan Forgiveness program, as the months of pause count towards the required payments.
Additionally, the Biden administration has focused on canceling student debt for borrowers who were misled by their colleges, resulting in relief for approximately 1 million individuals through the borrower defense loan discharge. Debt cancellation is also available for borrowers whose colleges closed while they were enrolled. Furthermore, around 425,000 borrowers with disabilities have had their debt forgiven through the Total and Permanent Disability Discharge, totaling $9.1 billion in relief.
The Education Department has simplified the process by using data from other government agencies to identify eligible individuals automatically. The three-year monitoring period has also been eliminated. While these relief programs exist, many are awaiting a Supreme Court ruling on President Biden’s plan to cancel up to $20,000 in student debt per borrower.
Borrowers who have already received debt cancellation under existing programs and have no remaining debt will not be affected by the president’s plan. For those with remaining student loans, they may be eligible for broad forgiveness of $10,000 or $20,000.
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A person can be eligible for the general forgiveness of $10,000 or $20,000 if he still owes student loans. Borrowers with questions about their eligibility for loan forgiveness can contact their loan servicer or the Education Department. Various forgiveness options are available at the state and federal levels for borrowers with federal student loans.
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