NEW: Student Debt Relief Plan
The Biden-Harris Administration's Student Debt Relief Plan is a three-part plan.
- Final extension of the loan repayment pause through December 31, 2022.
- Federal loan forgiveness for eligible students for $10,000 or $20,000 of loans for students in repayment.
- A possible new income-based repayment plan for current and future borrowers.
Please read through the information on the Federal Student Aid website (Biden-Harris Administration's Student Debt Relief Plan) for explanations and any updates to this program.
Beware of Scams
Please be aware of companies that contact you regarding loan discharge, cancellation, forgiveness, or debt relief for a fee. Work only with the Department of Education or our loan servicers. You never have to pay for help with your federal student aid. To report a scam, please contact the Federal Trade Commision at reportfraud.ftc.gov or by calling 1-877-282-4357.
Loan Repayment Options
Your loan repayment options will vary depending upon the loan type and the lender. Please read through this section carefully in order to understand the repayment options available to you as well as your rights and responsibilities as a borrower. As you begin to navigate loan repayment, you may want to explore the following online tools and resources:
- Student Loan Repayment Checklist
- Choosing a Federal Student Loan Repayment Plan
- Estimate monthly loan repayments using a loan repayment calculator
- Steps to finding a solution when you are having problems making payments
- Loan counseling and budgeting assistance from Educational Credit Management Corporation (ECMC)
- Find out if you are eligible for loan consolidation
- Learn about your rights and responsibilities as a borrower
TIP: Are you paying extra toward your student loan? Contact your loan servicer to find out how to make the additional funds count toward your principal. Then confirm after every extra payment that your funds were applied correctly.