Student Debt Relief
June 30, 2023 Student Debt Relief
The United State Supreme Court invalidated the student loan forgiveness plan. The split vote puts an end to the current forgiveness plan. This was not an issue of whether loan reform is need or if forgiveness of some kind is needed, but one of whether the President had the authority to do it.
Please note that students loan repayment pause, which has benefited borrowers, is expiring September 2023. Payments will resume or begin for borrowers October 2023. After three years, it is likely that your loan servicer has changed. Login into your federal student aid portal to review your debt and to prepare for repayment. Your current loan servicer information can be found in the portal. The loan servicer has been reaching out to borrowers to help with the transition. The Federal Department of Education via your loan servicer have initiatives to ease the transition into repayment, reach out to your loan servicer to evaluate your options.
August 24, 2022 Student Debt Relief
On August 24, 2022 the Biden-Harris Administration announced a Student Debt Relief targeted to low and middle income families. The U.S. Department of Education has announced loan forgiveness plans were up to $20,000 in debt relief for students who have been eligible for the Federal Pell Grant ad up to $10,000 to non-Pell Grant recipients with federal loans held by the U.S. Department of Education. Most but not all federal student loans are eligible. To be eligible borrower’s annual income must be below $125,000 (individuals) and $250,000 (married couples/head of households). Information is fluid and forthcoming from U.S. Department of Education and below are several websites where information can be reviewed. Montana State University’s roll in this relief is minimal. All federal aid history is held by the U.S. Department of Education. To stay current, please review the websites below and if you anticipate eligibility, sign up at the subscription page! We will post a link to the application once it becomes available.
Now Live- Application for Loan Forgiveness
What do you need to know? Announcement 1, Announcement 2
Review your student aid history for Federal Pell Grant status and loan balances: studentaid.gov
