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Can I check online to see if my Loans are impacted by payment count adjustment forgiveness?

As part of the Biden administration's one-time program announced in April 2022, the U.S. Department of Education is reconsidering what counts toward Income-Driven Repayment (IDR) forgiveness

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This program aims to rectify past errors in the IDR and Public Service Loan Forgiveness (PSLF) programs, including miscounting payments and unnecessary forbearances. The account adjustments are expected to be completed by September 2024, bringing millions of borrowers closer to student loan forgiveness. But can you check online to see if your loans are impacted?

What is the IDR Account Adjustment?

The IDR account adjustment is a one-time program that reconsiders what counts toward income-driven repayment forgiveness. This program aims to rectify past errors in the IDR and PSLF programs, including miscounting payments and unnecessary forbearances. The adjustment will result in loan discharges for borrowers who have made 20 or 25 years of payments, submitted a PSLF application, or reached 120 payments as a result of changes to deferment qualifications.

How to Check Online

To check if your loans are impacted by the payment count adjustment forgiveness, follow these steps:

  • Log in to your Federal Student Aid account to see what types of loans you have and how long you’ve been in repayment.
  • To login and access your balance, use your FSA ID.
  • Request your account history from your servicer to get details on your payment history and descriptions of specific forbearance or deferment periods.

What Counts Toward IDR Forgiveness?

The IDR account adjustment will result in loan discharges for borrowers who have:

  • Made 20 or 25 years of payments under any payment plan
  • Submitted a PSLF application and reached 120 payments
  • Spent time in repayment, forbearance, or qualifying deferment before loan consolidation
  • Spent time in economic hardship or military deferments in 2013 or later
  • Spent months in COVID-19-related forbearance

Who is Eligible?

The IDR account adjustment is automatic for most borrowers, but some may need to take action. Borrowers with commercially-held federal loans must consolidate their loans by June 30, 2024, to be included. Borrowers seeking PSLF must apply and submit an employment certification form. Some borrowers may need to enroll in IDR to take advantage of the recount and continue building credit toward IDR forgiveness.

What to Expect

The IDR account adjustment will result in loan discharges for eligible borrowers. If you’re eligible, you can expect:

  • Automatic adjustment of your payment count
  • Discharge of remaining balances after 20 or 25 years of payments
  • Retroactive credit for past payments and qualifying deferment or forbearance periods
  • Notification from your servicer or the Department of Education

Action Required

Some borrowers may need to take action to benefit from the IDR account adjustment:

  • Consolidate commercially-held federal loans by June 30, 2024
  • Apply for PSLF and submit an employment certification form
  • Enroll in IDR to continue building credit toward IDR forgiveness

Tips and Reminders

  • Log in to your Federal Student Aid account regularly to check your progress
  • Keep accurate records of your payment history and communication with your servicer
  • Consider consulting a student loan expert or financial advisor for personalized guidance

IDR Account Adjustment and Student Loan Forgiveness

The IDR account adjustment is a significant development in the student loan forgiveness landscape. Borrowers can check online to see if their loans are impacted by logging into their Federal Student Aid account and requesting their account history from their servicer. By understanding what counts toward IDR forgiveness and who is eligible, borrowers can take advantage of this one-time program and move closer to student loan forgiveness.

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