Get Stanford University Dorothy Durfee Avery Loan Forgiveness 2008-2024

Who qualifies for student loan forgiveness? To be eligible for forgiveness, you must have federal student loans and earn less than $125,000 annually (or $250,000 per household). Borrowers who meet that criteria can get up to $10,000 in debt cancellation.

Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 years (if all loans were taken out for undergraduate study) or 25 years (if any loans were taken out for graduate or professional study).

Your entire student loan, or a portion of your obligation, may be cancelled or discharged (forgiven) for several reasons. Contact your loan holder (lender) to obtain the forms needed to apply for loan cancellation based on the following conditions.

The income limits are based on your adjusted gross income (AGI) in either the 2020 or 2021 tax year. People who earned less than $125,000 annually (or $250,000 if filing taxes jointly) are eligible. If you qualify in either of those years, you can get forgiveness.

Borrowers do not need to reapply.

Will my student loans be forgiven? All federally owned student loans are eligible for forgiveness. If you have Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, Direct Consolidation Loans or FFEL Loans owned by the U.S. Department of Education, they're all included in the forgiveness plan.

The Supreme Court is expected to issue a final decision on the loan forgiveness plan by June 30. If the justices decide in favor, borrowers may start receiving student loan forgiveness within weeks. If the Court shuts down the program, relief goes out the window, and the Biden administration will be forced to reassess.

What student loans are not eligible for forgiveness? Private student loans, by definition, are private and are not eligible to be forgiven. These are loans the borrower owes to student loan providers and not the federal government.