Cut Payment Release For Free

Since the beginning of the Biden-Harris Administration, the Department has approved more than $116 billion in student loan forgiveness for more than 3.4 million borrowers.

The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on your federal student loans after 120 payments working full time for federal, state, Tribal, or local government; the military; or a qualifying non-profit. Learn more about PSLF and apply.

How do I know if my student loans are forgiven? If you qualify for loan forgiveness under PSLF, Teacher Loan Forgiveness or IDR discharge, the loan servicer or Department of Education will send you a notification letter. Depending on your account settings, you may receive the letter electronically or via mail.

The income-driven plan, SAVE, will reduce payments for millions of borrowers, and more will qualify for $0 payments. Borrowers who are buckling under the pressure of their federal student loans have a new option to significantly cut their payments, eventually by as much as half.

"It will cut payments to zero for borrowers making roughly $15 an hour, save all other borrowers at least $1,000 a year compared to other income-driven repayment plans, and stop runaway interest that leaves folks owing more than their initial loan.

Those who have been on repayment plans, hold federal direct loans or federal family education loans and have completed 20 or 25 years of qualifying months are eligible for forgiveness, depending on when the loans were originated, the type of loan borrowed and the specific type of plan.

Borrowers with much larger undergraduate debts can still qualify for forgiveness after 20 years of payments, while borrowers with graduate school debts can qualify for the plan's more generous monthly terms but would have to wait 25 years for forgiveness.