What to know if you applied for Biden's student loan forgiveness program

Graduates line up before the start of a community college commencement in East Rutherford, N.J., in 2018. is on hold for now, leaving millions of Americans who are eligible for relief in limbo.

In that case, Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina, argue that Biden’s plan threatens a loss in tax revenue for each state. They also argue that the Biden administration’s Department of Education is overstepping its authority to provide one-time debt relief. Meanwhile, the Biden administration has repeatedly said that borrowers are continuing to recover from the pandemic, and providing debt relief under the Heroes Act is lawful. It’s the same authority both Biden and former President Donald Trump have used to pause student loan payments during the pandemic since March 2020. Biden recently extended the pause for a sixth time through the end of June 2023.

What should borrowers know if they were among the 9 million people who applied for relief and mistakenly received an email last month saying their application had been approved?I would give the same advice we give borrowers for a myriad of issues that involve the communications with both the Department of Education and their service center, and that is to continue to monitor the messages that you're receiving from the Department of Education.

If Biden’s student debt relief plan is implemented next year after a Supreme Court decision, how soon would borrowers see relief?I would assume it would be very soon after the decision. They've already approved 16 million borrowers and we would expect to see relief instantly.The entire reason the department has processed these applications is precisely so the Department of Education can immediately begin canceling student debt once this clears these legal hurdles. So it will be quick.

Pay the debt you owe. Simple.

Here’s what to know. Pay your debt. You took out the loan now pay it back.

We never intended to give student loan forgiveness.

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