Biden's student loan forgiveness program remains blocked. Here are other ways to get debt relief

November 22, 2022 at 15:48

Washington CNN —President Joe Biden’s student loan forgiveness program is at the mercy of the courts, and student loan borrowers could be waiting weeks, if not months, to hear whether the program is allowed to go into effect.
About 16 million people have already been approved for up to $20,000 in federal student loan forgiveness – and some have been notified by email – but no debt is currently allowed to be canceled as litigation plays out.
But there are several other ways many of the 43 million federal student loan borrowers may qualify for student debt relief.
Public Service Loan ForgivenessThe Public Service Loan Forgiveness program allows certain government and nonprofit employees to seek federal student loan forgiveness after making 10 years of qualifying payments.
If all of those requirements are met and a borrower has submitted the PSLF form to the Department of Education, the government will cancel his or her remaining federal student loan debt.
Teacher Loan Forgiveness ProgramThe Teacher Loan Forgiveness Program cancels up to $17,500 in federal student loan debt for certain full-time teachers who have worked in a qualifying low-income elementary or secondary school for at least five consecutive years.
Those who are considered highly qualified and teach other subject areas may receive up to $5,000 in loan forgiveness.
Both federal Direct Loans and Federal Family Education Loans qualify for this forgiveness program.
Borrower defense to repaymentThe borrower defense to repayment program delivers student debt relief to people who were defrauded by their college.
But the Department of Education and its student loan servicers have had trouble tracking borrowers’ payments.
Total and permanent disability dischargeThe federal government cancels federal student loan debt – including Direct Loans, Federal Family Education Loans and Perkins Loans – for borrowers who are totally and permanently disabled.
Filing for bankruptcyIt has historically been very difficult to have student loan debt discharged in bankruptcy.
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