After much struggle from The White House on this, the Student Loan Forgiveness plan has been agreed upon by canceling a total of nearly $5 billion more in federal student loan debt. This new relief brings the total amount to $132 billion for more than 3.6 million borrowers.
Initially, the Supreme Court struck down President Joe Biden’s initial student loan forgiveness program that promised up to $20,000 in debt relief for folks with low and middle income.
But the Biden administration has managed to find ways to circumvent this and has found ways to provide debt relief. A recent statement from Biden confirmed this to be the case, but there are times when borrowers want to know if their debt was cut.
How can borrowers find out if their student loan debt was cut?
Since cancellations have come through existing federal student loan forgiveness programs, these cancellations are limited to specific categories of borrowers. Public sector workers, people defrauded by for-profit colleges, and borrowers who have paid for at least 20 years get their student loan debt forgiven.
After last Wednesday’s announcement, there are only two ways to qualify for this forgiveness. You qualify through the Public Service Loan Forgiveness Program because you have been paying for 20 years without getting credit for all student loan payments.
If you do qualify for the program, the loan servicer of the Department of Education has to send you a notification letter that confirms your debt has been forgiven.
Depending on what you have on your account settings, you will get this letter via the mail or electronically. This letter will be very specific because it will say the exact amount of forgiveness you got and the date the loans were discharged.
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