Cancellation & Forgiveness Options
There are several programs to cancel some or all of your federal loans or have them forgiven, depending on your situation. In some cases, you can have your loans forgiven regardless of whether your loans are current or in default. Laws created these programs and specify requirements you must meet to get this relief. If the Department of Education cancels your loans, it not only makes the debt go away, but in some cases, the government must give back any payments you have made on the debt that was canceled (whether you submitted payments or the government took your tax refund or some of your wages to pay the debt) and help clean up your credit. This is the most complete relief you can get.
Private Student Loan Cancellation & Forgiveness
This page includes information on cancellation and forgiveness options for federal student loans. See our separate page on cancellation, forgiveness, and bankruptcy of private student loans.
President Biden’s Student Loan Cancellation Plan
President Biden announced plans to cancel up to $20,000 in student loans for eligible borrowers in 2022. That plan was struck down by the U.S. Supreme Court in June 2023. Read more about President Biden’s new plan to provide debt relief and what happened at the Supreme Court. You may also still be eligible for the other cancellation and loan forgiveness programs that are listed below.
Did you hear the latest news on student loan relief?
You may be one of the millions of borrowers who will be closer to student loan cancellation thanks to the Department of Education’s payment count adjustment. Read more about the payment count adjustment and how you can benefit.