What to know if you’ve applied for student loan forgiveness

The Justice Department on Friday asked the Supreme Court to reverse one of the lower court decisions, warning that many Americans will face financial hardship if the plan remains blocked.While the application for relief has been taken down from the Federal Student Aid website, applications that have already been filed are on hold while the appeal works its way through the courts.

Biden previously said the payment pause will not be extended again, but that was before the courts halted his plan. He’s now facing mounting pressure to continue the pause while the legal challenges to the program play out.More than 26 million people applied for cancellation over the course of less than a month, according to the Education Department. If you’re one of them, there’s nothing more you need to do right now.

The debt forgiveness plan announced in August would cancel $10,000 in student loan debt for those making less than $125,000 or households with less than $250,000 in income. Pell Grant recipients, who typically demonstrate more financial need, would get an additional $10,000 in debt forgiven, for a total of $20,000.About 43 million student loan borrowers are eligible for some debt forgiveness, with 20 million who could have their debt erased entirely, according to the administration.

The Student Borrower Protection Center is holding regular webinars on how to follow the changing policy in the coming months. You can sign up for those here. “I’ve been telling people to pretend they’re paying their student loan, but to put it into an interest-bearing account for now if you’re able,” she said. “Then you’ve maintained the habit of making the payment, but earning a little bit of interest as well. There’s no reason to send that money to the student loans until the last minute of the zero percent interest rate.”or the one on TISLA’s website to find the repayment course that best fits their needs.

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