Stay on top of deadlines for student loan forgiveness.
In historic legislation, Joe Biden announced that a student loan forgiveness plan would be released for students owing on their loans everywhere.
Everyone is anxiously awaiting to apply for their money, but it’s important to know when exactly you need to have everything done by. Read through our timeline so you can get the most benefits from your loan forgiveness.
While the exact date hasn’t been announced, sometime during October, the application for student loan forgiveness will be released.
The U.S. Department of Education has stated that everyone should submit an application. This includes those who have automatic forgiveness.
November 15, 2022
You should be applying for student loan forgiveness by this date. Note that there’s a four to six week turnaround to get your money.
By applying by November 15, this ensures you’ll receive your loan discharge before regular payments on your loan resume and interest begins accruing again.
January 1, 2023
If your entire loan balance hasn’t be relieved from your payments (and we’re seriously hoping it is), this is when regular payments and interest resume.
December 31, 2023
Even though this feels like ages away, this is the absolute last day you can apply for student loan forgiveness. After that, you won’t be eligible anymore.
Apply as early as possible to reap the maximum benefits from the student loan forgiveness. Just note that plenty of other people are going to be applying as well, so don’t be surprised if the system quickly gets bogged down. Be patient and wait for that sweet check to arrive in the mail.
Did you know one ivy league university is offering free tuition? Find out if you’re eligible to take advantage of these huge savings. And if you just need a break from school for a bit, read to see why you should visit your friends at other colleges.