Am I Qualified For The $3 Billion Student Loan Debt That Will Be Discharged For Thousands of Floridians?

Thousands of Floridians student borrowers are eligible to have their student loan debt discharged amounting to just over $3 billion through debt relief provided by President Biden’s IDR plans.

Student Loan Debt Discharged For Thousands of Floridians [Photo: MPR News]

Here Is What You Need To Know

These student borrowers have been paying on time for 20 to 25 years. The loan forgiveness is something they earned because they have been paying for decades. These discharges were announced last July 14, 2023, to an estimated 804,000 student borrowers through IDR plans, according to the article by Brandon Girod.

A big question for student borrowers right now is, am I qualified? Yes, you are qualified if you have made 240 or 300 months of payments equivalent to 20 to 25 years for you to qualify. Also, it is based on when the borrower first took out their loan, the types of loan, and the Income-Driven Repayment (IDR) plan in which the student borrower is enrolled.

The most eligible student borrowers are in California, Florida, and Texas. Florida has the number of 56,930 borrowers approved to have their remaining student loan debt canceled just amounting to over $3 billion in discharges. The DOE will notify the borrower if they were qualified via email. They will continue notifying those borrowers who reach out about the applicable forgiveness every two months until next year when all currently unqualified borrowers have their payment counts updated.

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