The Department of Education has announced that student loan forgiveness is ongoing, and borrowers will be forgiven through Income-Driven Repayment (IDR) account adjustment.
Student loan forgiveness for undergraduates and graduates (Photo: King 5 News)
Student Loans Forgiveness for Longtime Borrowers
According to the news released on FOX8, borrowers who are paying for at least three years will be included in IDR and some may automatically see their loans forgiven altogether.
Because of the release of this news, many of the borrowers of student loan experiences relief as they will be forgiven as the result of the Education Department’s Income-Driven Repayment (IDR) account adjustment.
Moreover, the Department of Education has stated that it will notify recipients every two months about loan forgiveness. Borrowers can expect the next announcement in September.
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IDR Account Adjustment Forgiveness
Borrowers must count their past payments to know if they can receive loan forgiveness through the IDR account adjusment. According to Pierce, undergraduate borrowers may receive loan forgiveness if they’ve made 240 monthly student payments, while graduate loans will receive forgiveness if they’ve reached 300-month loan payments.
Additionally, the loan forgiveness will be automatic for most eligible borrowers with older direct loans, such as Federal Family Education Loan Program (FFELP) loans, and parent PLUS loans. These types of borrowers are qualified to receive loan forgiveness and don’t have to take any action.
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