Based on the recent U.S. Supreme Court decision, the one-time student loan debt relief plan is no longer available. This means that the U.S. Department of Education’s pause on student loan payments and 0% interest rate period has ended. Student loan interest returned in September 2023, and payments are due starting in October. If you are impacted and have student loans to repay, there are resources that may help you manage your repayment.
An IDR plan sets your monthly payment based on your income and family size. Your monthly payment amount can increase or decrease if your income or family size changes from year to year. You need to provide your loan servicer with updated income and family size information each year so that they can recalculate your payment. If you repay your loans with an IDR plan, the balance on your student loans will be forgiven after 20 or 25 years of payments. Click here to apply for an IDR plan.
If you work full-time for a government or not-for-profit organization, you may be eligible for PSLF. The PSLF Program can forgive the balance of your Direct Loans after 10 years of payments through an IDR plan or the 10-year Standard Repayment Plan. Use the PSLF Help Tool to check if you’re eligible and submit your PSLF form.
If you teach full-time for five consecutive years at a qualifying school, you may be eligible for Teacher Loan Forgiveness for up to $17,500. To be eligible, you must have been employed at an elementary school, secondary school, or educational service agency that serves low-income students. You can apply by submitting a completed Teacher Loan Forgiveness Application to your loan servicer.
To recognize your service to our country, there are benefits available from the U.S Department of Education and the U.S. Department of Defense to help you with your student loans. Benefits include interest rate caps, postponing repayment, and 0% interest rates. Click here to learn more about benefits for members of the U.S. Armed Forces.