The Biden-Harris Administration’s Student Loan Plan: Timeline

credit card on smartphone screen near debtor documents

After the excitement of The Biden’s Student Loan Forgiveness Plan, many are asking what next? As a result, let’s take away the noise and focus on key points. Here is what we know so far.

A. What do I need to do in order to receive loan forgiveness?

According, to the US department of education, the process will be smooth and automatic for nearly 8 million Americans. However, if you are not sure to be eligible no worries. Please be advised to fill up an application on the US Department of Education’s official website. The application will be available by early October.

  1. Deadline

You must apply before November 15th in order to receive relief.

Once, you complete the application, expect to receive your relief within 4-6 weeks.

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2. Stay tuned

We highly encourage you to sign up at the Department of Education subscription page to be notified when the application is open.

B. Changes to the Public Service Loan Forgiveness Program?

Normally, if you have worked in public service (federal, state, local, tribal government, or a non-profit organization) for 10 years or more (even if not consecutively), you may be eligible to have all your student debt canceled. 

  • Now, for a limited time, it is easier than ever to receive that forgiveness, or get credit toward forgiveness, if you have not yet served 10 years. 

But, you have to apply to be considered. Hence, we highly encouraged you to apply.

  1. Deadline

You must apply before October 31, 2022.

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2. Stay tuned

We highly encouraged you to apply if you have any public service experience. Please, use the link below to apply for The Public Service Loan Forgiveness (PSLF).

https://studentaid.gov/pslf/

Conclusion

The Biden-Harris administration student loan forgiveness plan is excellent news. No doubt this will provide a much-needed relief to millions crushed by the burden of their student loans. So be sure to take full advantage.

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