Here’s how to apply for student loan cancellation.
President Joe Biden cancelled $1.5 billion of student loans through this program, and you can still apply now. Here’s what you need to know. While Biden hasn’t enacted wide-scale student loan cancellation, there is hope for student loan borrowers to get student loan forgiveness through borrower defense to student loan repayment. Since becoming president, Biden has now cancelled nearly $10 billion of student loans. This includes $1.5 billion of student loan cancellation for 92,000 student loan borrowers under the borrower defense to repayment rule. In July, Biden cancelled $55.6 million of student loans for 1,800+ student loan borrower under borrower defense to repayment. This Obama-era rule is still available now and could help you get partial or total student loan cancellation. Here’s what you need to know and how to apply: Under federal law, if your college or university misled you or engaged in other misconduct, you may be eligible for borrower defense to student loan repayment. Borrower defense to repayment can result in student loan cancellation of some or all of your federal student loan debt. Borrower defense to repayment doesn’t apply to your private student loans. No. Only Direct Loans are eligible for borrower defense to repayment. That means FFELP Loans or Perkins Loans are ineligible. ( If you’re ineligible or Biden doesn’t cancel your student loans, do these 3 things). You can apply for borrower defense to repayment by completing a Borrower Defense To Repayment Application through the U.
