The Biden Administration has announced a final pause for interest and payment for all federal student loans until December 31, 2022. The administration has also announced that students are eligible for up to $10,000 in loan forgiveness (non Pell recipients) or $20,000 for Pell Grant recipients. In order to qualify for forgiveness, the borrow will need to be earning less than $125,000 or $250,000 for married couples or heads of households. The administration also announced changes to income-based repayment plans. To see full announcement please visit studentaid.gov
The HRSA has announced a final pause for interest and payment for all Health Professions loans including Nursing, Health Professions, and the Loans for Disadvantaged students. Please view their update here
Campus loans and Dream Loans serviced by ECSI are also expected to be extended through December 31, 2022. Further updates for campus loans and the Dream Loans will be posted once the lender verifies the extension.
Detailed information is available at Administration's Student Debt Relief Plan Explained (studentaid.gov). This site will be updated as more information becomes available for all loan borrowers, including instructions you will need to follow to apply for federal loan forgiveness with the Department of Education. You can also sign up for email updates from the U.S. Department of Education.
