Student Loan Forgiveness Schedule: What are the important dates?

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The topic of student loans has been point of debate for state officials across the United States for years.

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With the current total estimated borrowing for student loans currently pegged at 1.75 trillion dollars, the calls for some type of loan forgiveness has been growing for years.

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In August this past year United States president Joe Biden announced a student loan relief plan that would erase up to 10,000 dollars for those who earn 125,000 dollars or less annually, with the amount going up to 20,000 for those on Pell Grants.

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"Earning a college degree or certificate should give every person in America a leg up in securing a bright future. But for too many people, student loan debt has hindered their ability to achieve their dreams-including buying a home, starting a business, or providing for their family.

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"Getting an education should set us free; not strap us down! That's why, since Day One, the Biden-Harris administration has worked to fix broken federal student aid programs and deliver unprecedented relief to borrowers, " U.S. Secretary of Education Miguel Cardona said in an official press statement at the time of the announcement.

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Student Loan Forgiveness Schedule Dates

Here are some of the important dates to keep in mind with regard to the student loan forgiveness process:

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1. October 31, 2022

If you do not meet the eligibility criteria to qualify for Biden's student loan forgiveness plan, you might still qualify for the Public Service Loan Forgivness program, with its deadline of October 31 fast approaching.

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2. November 15, 2022

Considering that it could take up to six weeks for the process to be completed, borrowers should apply for their loan forgiveness no later than November 15 to ensure their balance is either reduced or wiped out before payments become due once again in the new year.

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3. December 31, 2022

The current pause on student loan repayments expires on December 31, 2022.

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4. December 31, 2023

This is the final day one can apply for student loan relief.

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