President Biden is committed to fixing broken student loan programs and making sure higher education is a ticket to the middle class—not a barrier to opportunity. So far, the Biden-Harris Administration has approved student debt cancellation for 4.76 million Americans through various actions, fixed Public Service Loan Forgiveness so borrowers get the relief they are entitled to under the law, made the largest increase to the maximum amount of the Pell Grant in a decade, and launched the most affordable student loan repayment plan ever—the Saving on a Valuable Education (SAVE) Plan.
As part of this commitment, in April, President Biden announced new plans to cancel student debt for various categories of student loan borrowers. As part of these new efforts, the U.S. Department of Education (ED) aims to provide debt relief to certain borrowers this fall. ED is in the process of finalizing who will be eligible for student debt relief, but we want to make you aware of this potential relief.
If you WANT to be included in potential student debt relief, you don't need to take any action.
If you DON'T WANT to receive the debt relief the finalized regulations may provide, you need to contact your servicer(s) by Aug. 30, 2024 to opt out. If you opt out, you won't be able to opt back in.
Note that if you opt out, you will also be opted out of forgiveness due to enrollment in an income-driven repayment (IDR) plan for the next several months and won't have the option to opt back in. If you opt out, we will automatically reevaluate your eligibility for IDR forgiveness at a later date; you won't need to take any action for that to occur.
