Loan Forgiveness

Explore resources for the federal student loan cancellation program

Student Loan Forgiveness Information

In August 2022, the Biden-Harris Administration announced student loan debt relief for eligible borrowers. This loan cancellation program is far-reaching and will allow for up to $10,000 or $20,000 in debt relief to many student loan borrowers. 

The Department of Education has created a loan forgiveness website which includes a step-by-step process for this one-time student loan debt relief.

• Students with current federal student loan debt that was borrowed before June 30, 2022 may apply for this forgiveness. It is important that you read through this information and complete the application when it is released in early October.
• We strongly encourage students to sign up for Federal Student Loan Borrowers updates from the Department of Education by simply providing your email address on their webpage. You will be notified when the application for forgiveness is available for completion.

While Ursuline will not be involved in your application for loan forgiveness, the links provided above and below will assist you in making application for debt relief with the U.S. Department of Education.

Note:

With the recently announced student debt cancellation, a new wave of scams has already begun trying to gain access to personal and financial information. The Federal Trade Commission (FTC) and U.S. Department of Education remind borrowers to be on alert.

• This debt cancellation program does not have a fee
• Borrowers should never have to pay for information or pay to sign up for any federal loan forgiveness program
• Borrowers will not receive calls or texts about this program

Report any suspicious activity to the FTC.

Additional Resources

In addition to the important links provided above, the following resources can guide you with information on the debt relief program announced in August 2022:

• ED Website explaining Debt Relief Plan – Basic information with ongoing updates as the process develops.
• White House Fact Sheet on Student Loan Relief – Biden-Harris Administration outline of 3-part plan to assist student borrowers.
• ED Website to Review Your Loan Debt and if You Were a Pell Grant Receipt – Borrowers can log in to their personal account at studentaid.gov to review their current student loan debt as well as see if they had previously received the Federal Pell Grant.
• ED Website on Loan Repayment Restart Following COVID Pause – Repayment resumes in 2023! All borrowers that were in repayment before the pandemic should review information on the restart of repayment after the pause to avoid default or other issues.

Monitor information at studentaid.gov to ensure you understand your role in applying for debt relief and important timelines related to the process.

While debt relief may be provided to qualifying students, borrowers should continue to view all loans taken or received as assumed debt subject to repayment. Families have no guarantee such forgiveness will be granted until determination is made for them following formal application with the Department of Education.

Applications for student loan debt relief will be made with the U.S. Department of Education

• Federal Student Aid Website: studentaid.gov
• Federal Student Aid Information Center: 1-800-4FED-AID (1-800-433-3243)

Please work with the Department or your federal loan servicer to understand loan repayment, debt relief processes, and your role in applying for or receiving student debt relief.

Reminder: The 2023-'24 FAFSA application opens on Saturday, October 1, 2022!  You must complete this application if you want to renew your aid for the 2023-'24 academic year.

• Complete the FAFSA on studentaid.gov
• The 2023-'24 FAFSA application is based on student and parent 2021 tax information

Note: It is still not too late to complete the 2022-23 FAFSA application if you have not already done so!