When will my student loans be forgiven?

As the PSLF (Public Service Loan Forgiveness) latest news was released, hundreds and thousands of borrowers felt relieved at last. But many are trying to know which student loans will be forgiven and how will the process will occur. Similarly, questions like: “ When will my student loans be forgiven?” need correct answers. So here we are to start our loans-related blog to enable you to have authentic information on this topic. 

Moreover, we will go on to mention and explain the three-step loan forgiveness that Joe Biden and others have decided to put for students. Read the background of this loan forgiveness, the procedure, and the eligibility criteria of the applicant. However, it is your ethical duty to share whatever information you read here and is new to you on this news. Let’s get started:

What is the initial background of Student Loan Forgiveness?

The recent pandemic attack COVID-19 and its impact on all countries especially the United States is quite visible to all.  This is the middle school sector that seems so affected by it therefore, they were more inclined towards loans. The real cause behind these student loans was the expensive study continual during the pandemic season. 

As a result, the poor financial condition of the sponsors and the self-supporting students made their way into student loans. Also, you can observe, a number of students lost their part-time and full-time jobs, and most suffered from the disease by themselves. 

Therefore, it was mandatory for the government to ln some relief for student loan forgiveness.  The US President, Vice president, and the Department of Education together devised a forgiveness plan for the students.

 This comprises three main sections and explains fully well the conditions, dates, and eligibility. Plus those who want to know the eligibility procedure should also read this guide for sure.

What is a three-step Student loan Forgiveness plan for student loan forgiveness?

First of all, clear the queries like: “Will Biden cancel student loans”  and “Will student loans be canceled?”. It is a big yes according to the PSLF’s latest plan. Let’s now highlight the three important key points of this plan and discuss the confusion.

  1. Extending the final pause of the student loan’s repayment many times
  2. Provision of loan relief to poor Families
  3. Improvement of the Student Loan system to assist future and present borrowers

Let’s go through each one by one:

1. Extending the final pause of the student loan’s repayment many times:

The student loan repayment pause is the first facility that Biden-Harris Administration awarded the students. To make sure the safe repayment of the loan the final pause has gone through many extensions.

So it is expected to suffer one more and final most in December 2022. It will automatically shift the repayments to the next year which is January 2023.  This is nothing but a prediction of something good in the near future.

2. Provision of loan relief to poor Families

This is the second part of the student loan forgiveness plan and it focuses on loan relief grants to low-income families.  According to this, the pell grant recipients and the non-pell grant recipients will get a distinction while getting a chance for loan forgiveness. 

  1. Those who receive a pell grant will get student loan forgiveness up to a loan of $20,000.
  2. Those who don’t receive a Pel grant will get a relief of a loan up to $10,000.

To get the relief the income of the families must be less than 125,000$ if they are individuals and 250,000$ if they are couples.

Read More: Who Is Eligible For Student Loan Forgiveness?

3. Improvement of the Student Loan system to assist future and present borrowers

Last, but not the least, Joe Biden-Harras Administration orders also cover the improvement of the Student Loan Systems. The newer steps that will be taken in the near future are under the following rules:

  1. The student borrowers would not be able to spend more than 5% of their total income on loan payments.
  2. The government will take care of high interests on borrowers that are hard to pay. 
  3. The government will put an increment in the incomes of all the borrowers. This is because they should not have t live under the poverty graph. 
  4. Forgiveness of the loan after 10 years of payments for the people that own less than 12,000$.


So this was all information about the Student loan Forgiveness that Biden and Harras have targeted in the year 2022. Hope after you get through the ups and downs of this article you may not have any confusion about will student loans be canceled or not.

In summing up the words, I would like to appreciate this plan of forgiving student loans. Plus I consider this a big step towards a prosperous education and stress-free development of the students.


Should I ask for an extension on my repayment that is due in December?

No, you should better not. This PSLF is going to work and obviously, all the repayments will shift to next month.

Who is eligible to enjoy this student loan forgiveness? or how to qualify for student loan forgiveness? 

The families having earnings below 250,000$ and the signals with income below 150,000$. Plus all nonprofit organizations and employers like the military and local government can benefit from this free loan forgiveness.

Do I have to go through any procedure to prove myself eligible?

No, you do not have to. The government holds the record and all the eligible guys will get a notification of the PSLF  approval after a certain time.