After the Supreme Court blocked President Joe Biden’s proposed one-time student debt cancellation, paying off federal student loans became even more challenging for millions of Americans.
Not only is Biden’s forgiveness program no longer happening, but the three-year pause on federal student loan payments ended. Interest on all federal student loan debt, regardless of income, resumed accruing starting on Sept. 1, 2023, and loan payments resumed in October 2023.
Fortunately, there are other options that may help struggling borrowers, including student loan forgiveness programs you may be eligible for. Read on to learn what loan forgiveness is, how it works, and where to go to find out what you may qualify for.
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What Does Student Loan Forgiveness Mean?
In the context of student loans, forgiving debt means you are released from your obligations of paying all or some of what you owe for your college education.
When looking into ways to get relief from your student loans, you may see the terms “discharge” or “cancellation,” and while they end up with the same result — a release from the obligation of having to pay — they do mean different things than forgiveness and they have different requirements.
Since becoming president, Biden has eliminated more than $66 billion of student loan debt that had nothing to do with his blocked one-time forgiveness plan. Some of that amount was debt forgiveness, but a great deal was made up of canceled debt. The reasons range from loan holder disability to a closed school discharge to debt relief for those who work in public service.
For example, as of 2023, Biden has provided $9.8 billion in relief for 469,000 borrowers eligible for total and permanent disability (TPD).
When Will Pause in Loan Payments End?
In March 2020, in response to the hardship caused by COVID-19, a “pause” was put into place. There was a suspension of loan payments, a 0% interest rate, and a halt to collections on defaulted loans.
The payment pause has since been extended nine times. The White House “extended the student loan pause to address the financial harms of the pandemic, provide borrowers with a smooth transition back to repayment, and help borrowers at highest risk of delinquency or default once payments resume.”
The payment pause ended as part of the debt ceiling bill that was passed in June 2023. Borrowers began repaying their federal student loans in October 2023.
The president said in a June 2023 press conference he is creating an “on ramp” program that will allow federal loan borrowers to not be considered delinquent if they miss a payment from Oct. 1, 2023, to Sept. 30, 2024. Biden says the Education Department won’t refer borrowers who fail to pay their student loan bills to credit agencies for those 12 months, to give borrowers time to “get back up and running.”
Income-driven Repayments and SAVE
The Saving on a Valuable Education (SAVE) Plan replaces the existing Revised Pay As You Earn (REPAYE) Plan.
Borrowers on the REPAYE Plan will automatically get the benefits of the new SAVE Plan.The new plan can significantly decrease your monthly payment amount compared to all other income-driven repayment plans.The SAVE Plan, like other income-driven repayment (IDR) plans, calculates your monthly payment amount based on your income and family size.
The SAVE Plan provides the lowest monthly payments of any IDR plan available to nearly all student borrowers.
Types of DOE Student Loan Forgiveness
The forgiveness programs that have been administered by the DOE’s Federal Student Aid department for several years cover various areas. These programs once had a high rejection rate. After undergoing fierce criticism, the government overhauled them so that more people could benefit.
“Borrowers who devote a decade of their lives to public service should be able to rely on the promise of Public Service Loan Forgiveness,” said U.S. Secretary of Education Miguel Cardona in October 2021. “The system has not delivered on that promise to date, but that is about to change for many borrowers who have served their communities and their country.”
Public Service Loan Forgiveness
If you are employed by a government or nonprofit organization, you may qualify for the Public Service Loan Forgiveness (PSLF) Program that Cardona spoke about.
PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer, says Federal Student Aid.
Teacher Loan Forgiveness
Under the Teacher Loan Forgiveness Program, if you teach full time for five complete and consecutive academic years in a low-income school or educational service agency, and meet other qualifications, you may be eligible for forgiveness of up to $17,500 on your Direct Subsidized and Unsubsidized Loans and your Subsidized and Unsubsidized Federal Stafford Loans.
Closed School Discharge
If your school closes while you’re enrolled or soon after you withdraw, you may be eligible for discharge of your federal student loan. There are certain eligibility requirements to qualify for a closed school loan discharge; you must apply to get a discharge.
Refinancing Your Student Loans
Some federal student loan holders may be interested in refinancing their existing federal loans to lower their monthly payments by getting lower interest rates. You may pay more interest over the life of the loan if you refinance with an extended term.
Refinancing may be a path to lower monthly payments and a shorter (or longer) loan plan, but to obtain an appealing deal requires evaluation and approval by a private lender. A person’s credit score becomes important when pursuing a refinanced government loan and comparing offers.
If you refinance your student loan, that loan amount will no longer qualify for any of the federal government’s forgiveness initiatives, benefits, or protections. Make sure you carefully weigh the advantages and disadvantages of refinancing.
The Takeaway
Student loan forgiveness takes several forms. Most of the time, it means applying for one of the federal student loan forgiveness programs intended for people who’ve held public service jobs, teaching, or nursing jobs. The federal government wants to compensate those who’ve pursued such careers and has strengthened its programs for them.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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SoFi Lending Corp. (“SoFi”) operates this Personal Loan product in cooperation with Engine by MoneyLion. If you submit a loan inquiry, SoFi will deliver your information to Engine by MoneyLion, and Engine by MoneyLion will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders/partners receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Engine by MoneyLion, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.Personal loan offers provided to customers on Lantern do not exceed 35.99% APR. An example of total amount paid on a personal loan of $10,000 for a term of 36 months at a rate of 10% would be equivalent to $11,616.12 over the 36 month life of the loan.
Student Loan RefinanceSoFi Lending Corp. (“SoFi”) operates this Student Loan Refinance product in cooperation with Engine by MoneyLion. If you submit a loan inquiry, SoFi will deliver your information to Engine by MoneyLion, and Engine by MoneyLion will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Engine by MoneyLion, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
NOTICE: The debt ceiling legislation passed on June 2, 2023, codifies into law that federal student loan borrowers will be reentering repayment. The US Department of Education or your student loan servicer, or lender if you have FFEL loans, will notify you directly when your payments will resume For more information, please go to https://docs.house.gov/billsthisweek/20230529/BILLS-118hrPIH-fiscalresponsibility.pdf https://studentaid.gov/announcements-events/covid-19
If you are a federal student loan borrower considering refinancing, you should take into account the new income-driven payment plan, SAVE, which replaces REPAYE, seeks to make monthly payments more affordable, and offers forgiveness of balances that were originally $12,000 or lower after 120 payments, among other improvements. Also, please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans, such as SAVE, or extended repayment plans.
Auto Loan RefinanceAutomobile refinancing loan information presented on this Lantern website is from Caribou, AUTOPAY, Engine by MoneyLion, and each of Engine’s partners (along with their affiliated companies). Caribou, AUTOPAY, and Engine by MoneyLion pay SoFi compensation for marketing their products and services on the Lantern site.
Auto loan refinance information presented on this Lantern site is indicative and subject to you fulfilling the lender’s requirements, including but not limited to: credit standards, loan size, vehicle condition, and odometer reading. Loan rates and terms as presented on this Lantern site are subject to change when you reach the lender and may depend on your creditworthiness, consult with the lender for more details. Additional terms and conditions may apply and all terms may vary by your state of residence.
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BankingSoFi Lending Corp. (“SoFi”) operates this website in cooperation with Engine by MoneyLion presenting promotions for products and services offered by other banks, lenders, and financial institutions. If you select a promotion above, you will be connected to the website of the company offering the product. The promotions presented on this site are from companies that pay SoFi and Engine by MoneyLion compensation for marketing their products and services. This may affect whether a provider is featured on this site and could affect the order of presentation. Lantern and Engine by MoneyLion do not include all providers in the market or all of their available offerings. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
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States With The Highest (& Lowest) Average Student Debt In 2024
It can be hard to wrap your mind around the size of college student debts in America. When you’re talking about education-financing trends, the numbers are … huge. Exceeding $1.7 trillion as of January 2024.
How did this happen? Experts say that as it became more and more common to pursue a college degree, the federal government made accruing student loans fairly easy to do and tuition has skyrocketed since 1980. The National Center for Education Statistics (NCES) data — as adjusted for inflation — confirms the average cost of tuition, fees, room, and board at U.S. colleges increased 166% over the last four decades using 2022 constant dollars based on the Consumer Price Index.
These forces seem to have strengthened one another, leading to what some describe as a crisis. Student loan debt is now the second highest consumer debt category in the nation, according to TransUnion®. It is second to mortgage debt and ranks higher than credit card or auto loan debt.
In August 2022, President Joe Biden said that over time “an entire generation is now saddled with unsustainable debt in exchange for an attempt, at least, at a college degree. The burden is so heavy that even if you graduate, you may not have access to the middle-class life that the college degree once provided.”
Drazen Zigic/istockphoto
According to the latest statistics, over 40 million Americans owe $1.7 trillion in student loan debt. The vast majority of this debt is made up of federal loans.
In March 2020, a pause was put on payments on federal student loans due to hardship caused by the COVID-19 pandemic. The federal student loan pause ended in the autumn of 2023 as required by the Fiscal Responsibility Act of 2023.
The three-year-long pause included the following relief measures for eligible loans:
- a suspension of loan payments
- a 0% interest rate
- stopped collections on defaulted loans
The payment pause freed up cash in the budgets of millions of Americans. But the pause also cost the federal government more than $100 billion.As part of the debt ceiling bill negotiated by President Biden and Congress, student loan interest accrual resumed on Sept. 1, 2023, and required payments resumed in October.
SeventyFour/istockphoto
The average student loan debt in the U.S. is about $35,000 per borrower, according to TransUnion. In general, it can take 10 years or longer to repay your student loans.Here are the states with the highest overall federal student debt balances as of June 30, 2023:
1. California
Balance (in billions): $149
Borrowers (in thousands): 3,985.7
Average Balance: $37,384
Spondylolithesis/istockphoto
Balance (in billions): $127.2
Borrowers (in thousands): 3,183.6
Average Balance: $33,354
4kodiak/istockphoto
Balance (in billions): $105.4
Borrowers (in thousands): 2,724.7
Average Balance: $38,683
Kasra Keighobady/istockphoto
Balance (in billions): $94.9
Borrowers (in thousands): 2,498.1
Average Balance: $37,989
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frankpeters/istockphoto
Balance (in billions): $70.6
Borrowers (in thousands): 1,690
Average Balance: $41,775
SeanPavonePhoto/istockphoto
Here are the states with the lowest overall federal student debt balances as of June 30, 2023:
1. Wyoming
Balance (in billions): $1.7
Borrowers (in thousands): 56
Average Balance: $30,357
DenisTangneyJr/istockphoto
Balance (in billions): $2.4
Borrowers (in thousands): 68.7
Average Balance: $34,934
matt grimaldi/istockphoto
Balance (in billions): $2.7
Borrowers (in thousands): 90
Average Balance: $30,000
DenisTangneyJr/istockphoto
Balance (in billions): $3
Borrowers (in thousands): 78.8
Average Balance: $38,071
Erika J Mitchell/shutterstock
Balance (in billions): $3.8
Borrowers (in thousands): 119.7
Average Balance: $31,746
DenisTangneyJr/istockphoto
The 2022 Survey of Household Economics and Decisionmaking (SHED) found most student loan borrowers with outstanding debt owed less than $25,000 on their educational loans.
Students loan borrowers who completed an undergraduate program in 2018 owed the following amounts of education debt on average, according to the National Postsecondary Student Aid Studies (NPSAS) data:
- Undergraduate certificate recipients owed an average of $14,800
- Associate degree recipients owed an average of $20,900
- Bachelor’s degree recipients owed an average of $27,500
Once students graduate, drop below half-time enrollment, or leave school, their federal student loan goes into repayment. However, if they have a Direct Subsidized, Direct Unsubsidized, or Federal Family Education Loan, they have a six-month grace period before being required to start making regular payments. They’ll have a nine-month grace period if they’ve got a Perkins Loan.
Kateryna Onyshchuk/istockphoto
When you scrutinize the student debt average for graduate school, the amount can be staggering. Student loan borrowers who completed a graduate program in 2018 owed the following amounts of education debt on average, according to the National Postsecondary Student Aid Studies (NPSAS) data:
- Master’s degree recipients owed an average of $71,800
- Doctor of Philosophy (PhD) and similar research-driven doctoral degree recipients owed an average of $112,400
- Professional practice doctoral degree recipients (such as medical doctors and law school graduates) owed an average of $185,100
In almost all cases, graduate or professional students are considered independent students for the purposes of completing their FAFSA® form for grad school. This means graduate students generally are not required to provide parent information.
PeopleImages/istockphoto
Unless you qualify for student loan forgiveness, borrowers are expected to pay off student debt over time. The way it begins: your loan servicer will provide you with a loan repayment schedule that states when your first payment is due, the number and frequency of payments, and the amount of each payment.
Your billing statement will tell you how much to pay. Your monthly payment amount depends on your repayment plan. If you signed up for electronic communication, pay attention to your email. Most loan servicers send an email when your billing statement is ready for you to access online.
On its Federal Student Aid website, the U.S. Department of Education issues the following statement: “REMEMBER: Your federal student loans can’t be canceled or forgiven because you didn’t get the education or job you expected or you didn’t complete your education (unless you couldn’t complete your education because your school closed).”
Tero Vesalainen/istockphoto
To pursue new interest rates and flexibility in repayment time frames, some people choose to refinance their federal student loans with a private loan servicer. You may pay more interest over the life of the loan if you refinance with an extended term.
By comparing student loan refinance rates, loan holders can choose a deal that works for them. The private company pays off the federal loan and begins a new loan with the customer.
There are pros and cons to refinancing. By doing so, private loan holders lose out on some benefits available to those with federal student loans. Those include:
- Losing access to the government’s SAVE program for federal student loans, an income-driven repayment plan that can significantly decrease your monthly payment amount compared to all other government repayment plans.
- No interest accumulation on subsidized student loans during periods when payments are deferred
- Access to repayment plans based on your income that provide loan forgiveness once you have been in repayment for 20 or 25 years (or earlier for some SAVE Plan enrollees)
- Access to various forms of loan forgiveness and discharge, such as Public Service Loan Forgiveness, Teacher Loan Forgiveness, total and permanent disability discharge, and borrower defense to repayment discharge
designer491/istockphoto
The nation’s student debt has grown in recent years, with the average student borrowing $35,000 to pursue a college education. When it comes to grad school, the average PhD candidate can rack up well above $100K in student debt.
What this has led to: student loan debt now ranks as the second highest consumer debt category in the nation, second only to mortgage debt.
Holders of federal student loans could be interested in refinancing loans. However, they must bear in mind that refinancing means that loan is no longer eligible for federal forgiveness or income-driven repayment. You may pay more interest over the life of the loan if you refinance with an extended term.
This article originally appeared on SoFi.comand was syndicated byMediaFeed.org.
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SoFiSoFi receives compensation in the event you obtain a loan, financial product, or service through the Lantern marketplace. This Lantern website is owned by SoFi Lending Corp., a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. (nmlsconsumeraccess). This site is NOT owned and operated by SoFi Bank. Loans, financial products, and services may not be available in all states.
All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. There is no guarantee you will be approved or qualify for the advertised rates, fees, or terms presented. The actual terms you may receive depends on the things like benefits requested, your credit score, usage, history and other factors.
*Check your rate: To check the rates and terms you may qualify for, Lantern and/or its network lenders conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender(s) you choose will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown on this website are from lenders and are estimates based upon the limited information you provided and are for information purposes only. Estimated APR includes all applicable fees as required under the Truth in Lending Act. The actual loan terms you receive, including APR, will depend on the lender you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the lenders and not by SoFi Lending Corp. or Lantern. Please review each lender’s Terms and Conditions for additional details.
Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website on credit (consumer.ftc.gov)
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.¹
SoFi’s Insights tool offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
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SoFi Lending Corp. (“SoFi”) operates this Personal Loan product in cooperation with Engine by MoneyLion. If you submit a loan inquiry, SoFi will deliver your information to Engine by MoneyLion, and Engine by MoneyLion will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders/partners receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Engine by MoneyLion, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.Personal loan offers provided to customers on Lantern do not exceed 35.99% APR. An example of total amount paid on a personal loan of $10,000 for a term of 36 months at a rate of 10% would be equivalent to $11,616.12 over the 36 month life of the loan.
Student Loan RefinanceSoFi Lending Corp. (“SoFi”) operates this Student Loan Refinance product in cooperation with Engine by MoneyLion. If you submit a loan inquiry, SoFi will deliver your information to Engine by MoneyLion, and Engine by MoneyLion will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Engine by MoneyLion, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
NOTICE: The debt ceiling legislation passed on June 2, 2023, codifies into law that federal student loan borrowers will be reentering repayment. The US Department of Education or your student loan servicer, or lender if you have FFEL loans, will notify you directly when your payments will resume For more information, please go to https://docs.house.gov/billsthisweek/20230529/BILLS-118hrPIH-fiscalresponsibility.pdf https://studentaid.gov/announcements-events/covid-19
If you are a federal student loan borrower considering refinancing, you should take into account the new income-driven payment plan, SAVE, which replaces REPAYE, seeks to make monthly payments more affordable, and offers forgiveness of balances that were originally $12,000 or lower after 120 payments, among other improvements. Also, please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans, such as SAVE, or extended repayment plans.
Auto Loan RefinanceAutomobile refinancing loan information presented on this Lantern website is from Caribou, AUTOPAY, Engine by MoneyLion, and each of Engine’s partners (along with their affiliated companies). Caribou, AUTOPAY, and Engine by MoneyLion pay SoFi compensation for marketing their products and services on the Lantern site.
Auto loan refinance information presented on this Lantern site is indicative and subject to you fulfilling the lender’s requirements, including but not limited to: credit standards, loan size, vehicle condition, and odometer reading. Loan rates and terms as presented on this Lantern site are subject to change when you reach the lender and may depend on your creditworthiness, consult with the lender for more details. Additional terms and conditions may apply and all terms may vary by your state of residence.
Secured Lending DisclosureTerms, conditions, state restrictions, and minimum loan amounts apply. Before you apply for a secured loan, we encourage you to carefully consider whether this loan type is the right choice for you. If you can’t make your payments on a secured personal loan, you could end up losing the assets you provided for collateral. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on the ability to meet underwriting requirements (including, but not limited to, a responsible credit history, sufficient income after monthly expenses, and availability of collateral) that will vary by lender.
BankingSoFi Lending Corp. (“SoFi”) operates this website in cooperation with Engine by MoneyLion presenting promotions for products and services offered by other banks, lenders, and financial institutions. If you select a promotion above, you will be connected to the website of the company offering the product. The promotions presented on this site are from companies that pay SoFi and Engine by MoneyLion compensation for marketing their products and services. This may affect whether a provider is featured on this site and could affect the order of presentation. Lantern and Engine by MoneyLion do not include all providers in the market or all of their available offerings. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
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Featured Image Credit: Pekic/istockphoto.
