Currently On Hold
Federal Student Aid and the Biden-Harris Administration announced loan forgiveness plans of up to $20,000 for prior Pell-Grant recipients and up to $10,000 for all other loan borrowers. The administration launched the simple application on 10/17/22.
To be eligible, the borrower’s annual income must be below $125,000 (individuals) and $250,000 (married couples/heads of households). Borrowers can submit the application, view their loan balances and check their Pell Grant status by logging into their Federal Student Aid account online at studentaid.gov.
The application takes less than 5 minutes and only requires basic information including their name, social security number, birth date, and email. The Department of Education has a record of all prior federal student loan borrowing and Pell Grant recipients. You will not need documentation from Blackburn to show your federal loan or Pell Grant history.
Borrowers can now apply for cancellation through Federal Student Aid’s (FSA) website: https://studentaid.gov/debt-relief/application
Visit StudentAid.gov’s Debt Relief Announcement for the most up-to-date information.
Student Loan Debt Relief Do’s and Don’ts
Protect yourself from scams involving student loan debt relief. You are your best protection against scammers.
- DON’T pay anyone who contacts you with promises of debt relief or loan forgiveness. YOU DO NOT NEED TO PAY ANYONE TO OBTAIN DEBT RELIEF. The application will be free and easy to use when it opens in October.
- DON’T reveal your FSA ID or account information or password to anyone who contacts you. The Department of Education and your federal student loan servicer will never call or email you asking for this information.
- DON’T ever give personal or financial information to an unfamiliar caller. When in doubt, hang up and call your student loan servicer directly. You can find your federal student loan servicer’s contact information at studentaid.gov/manage-loans/repayment/servicers.
- DON’T refinance your federal student loans unless you know the risks. If you refinance federal student loans that are eligible for debt relief into a private loan, you will lose out on important benefits like one-time debt relief and flexible repayment plans for federal loans.
- DO sign up at StudentAid.gov and complete the short application for Student Loan Debt Relief application becomes available.
- DO create an FSA ID at StudentAid.gov. You will not need it for the debt relief application but having an FSA ID can allow you to easily access accurate information on your loan and make sure FSA can contact you directly, helping you equip yourself against scammers trying to contact you. Log in to your current account on StudentAid.gov and keep your contact info up to date. If you need help logging in follow these tips on accessing your account.
- DO make sure your loan servicer has your most current contact information. If you don’t know who your servicer is, you can log into StudentAid.gov and see your servicer(s) in your account.
- DO report scammers to the Federal Trade Commission by visiting reportfraud.ftc.gov.
Questions? Contact the Financial Aid Office.