Note: President Biden’s student debt relief program was struck down Nov. 10 by a federal judge in Texas. The Justice Department is appealing the decision.
President Biden’s plan to cancel up to $20,000 in federal student loan debt sounds straightforward, but even a straightforward idea gets complicated in the details. Your eligibility depends on your income across two different years, the way you file your taxes and the kind of degree you or your child pursued.
Use this tool to figure out whether you qualify for student debt forgiveness, and how much you might be able to apply to your federal loans. To apply and to see further details on student debt forgiveness, you can use this website set up by the Federal government.
Calculate your student loan debt forgiveness
Eligibility is based on adjusted gross income. Your inputs will not be stored.
Do you have any unpaid student loan debt from before July 1, 2022?
Your loan forgiveness eligibility
Please make selections to see your eligibility.
Who qualifies for student debt forgiveness?
Anyone who is still paying back a student loan owned by the federal government and disbursed before July 1, 2022, as long as their personal income is below $125,000 (if they are filing singly), their household income is below $250,000 (if they are married and filing jointly) or they are claimed as a dependent by someone who meets the income requirements. Borrowers qualify if their income in 2021 or 2020 met the requirements. See more info here.
How much student loan debt can be forgiven?
Borrowers who did not receive undergraduate Pell Grants are eligible for up to $10,000 of federal student loan forgiveness. Borrowers who received undergraduate Pell Grants are eligible for up to $20,000 in forgiveness.
Are current students eligible for forgiveness?
Yes. Current students are eligible for forgiveness of loans disbursed before July 1, 2022.
What limits are there?
Forgiveness only applies to federally-owned student loans, not private loans. Borrowers must be below the income cap; if they are claimed as a dependent, their parents must be below the income cap.
Are graduate, professional and vocational school loans eligible for forgiveness?
Yes. These loans are eligible for up to $20,000 of forgiveness.
What if my spouse and I file our taxes together, but both have student loans?
Student loan forgiveness is administered per person, not per household. If you and your spouse file your taxes jointly and earn less than $250,000 per year, you are both eligible for federal student loan forgiveness.
Reuben Fischer-Baum contributed to this report.