The Public Service Loan Forgiveness program (PSLF) is temporarily suspended until July as the Biden administration makes improvements. During this time, borrowers will not be able to see their payment counts on the MOHELA website, and applications for loan forgiveness will not be processed. However, borrowers can still make payments, and those payments will count towards loan forgiveness once the transition is complete. Borrowers can request a forbearance if they qualify for debt cancellation during the transition.
Due to issues with their current provider, Mohela, the Department of Education will move over a million student loan borrowers to new servicers. The process is underway, and affected borrowers will receive notifications and need to set up new accounts with the new servicers. Automatic payments may need to be re-enrolled to receive discounts. If you encounter problems with your servicer, you can file a complaint with the Federal Student Aid unit.
The Biden administration has forgiven $7.4 billion in student debt for 277,000 borrowers. This is possible through improved oversight of income-driven repayment plans and the Public Service Loan Forgiveness program. Over 4.3 million people have had their federal education loans cleared, totaling $153 billion in aid, since Biden took office.
The Biden administration has forgiven almost $144 billion in student debt for around 4 million people. Those who don't qualify yet can check their eligibility for forgiveness programs like Public Service Loan Forgiveness, income-driven repayment plans, and over 100 other state-sponsored programs. Keep track of your progress towards meeting program requirements and take advantage of updates that make it easier to obtain forgiveness.
