How do I check the status of my student loan forgiveness? (2024)

How do I check the status of my student loan forgiveness?

To check your Student Loan Forgiveness status, log in to your official StudentAid.gov account. Navigate to the loan information section, find your desired forgiveness program, and check for updates on eligibility and application statusborrowers for forgiveness.

How do I know if my student loan forgiveness was approved?

Log in to StudentAid.gov to track your PSLF progress. For updates on your application status, visit MOHELA's website or contact them at 1-855-265-4038. Be aware that MOHELA is experiencing historic submission volume that may delay response time. We appreciate your patience.

Can you check the status of your student loan?

StudentAid.gov is the U.S. Department of Education's comprehensive database for all federal student aid information. This is one-stop-shopping for all of your federal student loan information. At StudentAid.gov, you can find: Your student loan amounts and balances.

How long will it take to hear about student loan forgiveness?

Once the processing is complete, it will take additional time for the servicer to make adjustments to your payment counts and apply discharges.” Borrowers should expect that the process may take up to six months, and in some cases, longer.

Has student loan forgiveness been approved yet?

FACT SHEET: President Biden Cancels Student Debt for more than 150,000 Student Loan Borrowers Ahead of Schedule. Today, President Biden announced the approval of $1.2 billion in student debt cancellation for almost 153,000 borrowers currently enrolled in the Saving on a Valuable Education (SAVE) repayment plan.

How long does it take for loan forgiveness to be approved?

The PSLF application process can take a few months. It may take longer if you haven't been submitting regular PSLF Forms, or shorter. During the wait, you have the option of continuing to make payments or putting your loans into forbearance.

Is loan forgiveness happening?

The Biden-Harris Administration announced today the approval of $4.9 billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes made by the Administration to income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF).

Why does my MOHELA balance says zero?

MOHELA, the loan servicer for the PSLF program, has stated that payment counts for PSLF may temporarily show zero qualifying payments. This can be really confusing for borrowers who were told they needed to consolidate their loans in order to be eligible for PSLF or to maximize their eligibility for PSLF.

Why is my student loan balance zero?

If your student loan balance is suddenly showing zero, some of the many reasons could be: Your federal student aid or private student loans were forgiven. You've completed one of the student loan forgiveness programs. You qualify for Public Service Loan Forgiveness (PSLF), or.

How do I know if I received federal student loans?

You can identify your loan types by logging on to StudentAid.gov and selecting “My Aid” in the dropdown menu under your name. In the “Loan Breakdown” section, you'll see a list of each loan you received. You'll also see loans you paid off or consolidated into a new loan.

What happens after you apply for student loan forgiveness?

If your PSLF form is approved for forgiveness, then you'll be notified that the entire remaining balance of your eligible Direct Loans will be forgiven, including all outstanding interest and principal.

How long does it take MOHELA to forgive loans?

To process forgiveness, a final review of your account will be conducted, which will take at least 60 business days. PSLF Eligible and Qualifying Payments (Payment Counters): Once your PSLF form has been processed, you will be notified of changes to your payment counts from additional periods of certified employment.

Do student loans affect credit score?

Having a student loan will affect your credit score. Your student loan amount and payment history are a part of your credit report. Your credit reports—which impact your credit score—will contain information about your student loans, including: Amount that you owe on your loans.

Did student loan payments resume?

Federal student loans will start accruing interest on Sept. 1, 2023, and your payments will resume in October 2023.

Is student loan forgiveness taxable?

Federal student loans forgiven under income-driven repayment (IDR) plans are typically treated as taxable income. Forgiveness under the plans is common because the borrower makes monthly payments based on their income, which may be less than the amount of interest accrued each month.

How will I receive loan forgiveness?

If you work full time for a government or nonprofit organization, you may qualify for forgiveness of the entire remaining balance of your Direct Loans after you've made 120 qualifying payments—i.e., 10 years of payments. To benefit from PSLF, you need to repay your federal student loans under an IDR plan. New to PSLF?

How many people get approved for loan forgiveness?

Should I pay off my student loans or wait for forgiveness?

People with private student loans or without other debt tend to benefit more from paying off student loans early. If you have federal student loans and pay them off early, you could lose the opportunity to take advantage of a student loan forgiveness program (if you qualify).

How do I know if my MOHELA loan will be forgiven?

If you work in certain public service jobs and have made 120 payments on your Direct Loans, you may be eligible to have your loans forgiven. If some or all of your payments were not made on a qualifying repayment plan for PSLF, you may be able to receive loan forgiveness under a temporary opportunity.

How can I check my MOHELA loan status?

Track All of Your Loans

Monitor the status of all of your loans (ones serviced by MOHELA and other Federal Student Loan providers) by logging into your Federal Student Aid account.

What is going on with MOHELA student loans?

MOHELA administrative forbearance

Others received bills with incorrect payment amounts. As a result, the Education Department instructed MOHELA to put affected borrowers into an administrative forbearance until the issue was resolved. The Department also said it would withhold $7.2 million in pay from MOHELA.

Whose student loans are getting forgiven?

In addition, borrowers who are employed by nonprofits, the military, or federal, state, Tribal, or local government may be eligible to have all of their student loans forgiven through the Public Service Loan Forgiveness (PSLF) program. For more information on eligibility and requirements, go to PSLF.gov.

Do student loans go to your bank account?

Typically, student loans do not get deposited in your bank account. Instead, the loans are disbursed directly to the school where it is applied to tuition payments and room and board.

Is Nelnet a federal loan?

Nelnet provides customer service for your Federal Direct Loan Program and Federal Family Education Loan (FFEL) Program loans that are owned by the U.S. Department of Education. Looking for your federal student loans from an account number that begins with E? Select the Nelnet Federal Student Loans button.

What is the lifetime Pell Grant limit?

The amount of Federal Pell Grant funds you may receive over your lifetime is limited by federal law to be the equivalent of six years of Pell Grant funding.