President Biden’s $20,000 student loan debt cancellation proposal faces legal challenges, awaiting a Supreme Court decision. Nonetheless, eligible borrowers may qualify for debt forgiveness after ten years, including during the moratorium period. The Public Service Loan Forgiveness (PSLF) program, created in 2007, enables certain federal student loan borrowers to have their debt forgiven after ten years of full-time employment with qualifying employers, typically government or 501(c)(3) non-profits. Borrowers must make 120 timely qualifying monthly payments under an income-driven repayment plan.
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Student Loan Forgiveness: Understanding the 10-Year Rule
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President Biden's $20,000 student loan debt cancellation proposal faces legal challenges, awaiting a Supreme Court decision.
Author
Susan Jane
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