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Student Loan Forgiveness Updates And Other Critical Relief Initiatives

November 21, 2022 | Adam S. Minsky, Esq. Articles

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There’s a lot going on these days regarding student loan forgiveness, student loan repayment, and other relief for borrowers. Here’s an overview as of November 21, 2022:

  • The Limited PSLF Waiver ended on October 31. But the Education Department and MOHELA, its contracted PSLF loan servicer, are still processing applications. And PSLF borrowers who missed the deadline may still be able to benefit from the IDR Account Adjustment initiative.
  • President Biden’s one-time student loan forgiveness initiative (which can discharge up to $20,000 in government-held federal student loans for qualifying borrowers) remains blocked by federal courts. The Education Department has taken down the application in response to court orders. The legal dispute will likely end up at the U.S. Supreme Court.
  • The Biden administration is implementing several automatic cancellation initiatives through the Borrower Defense to Repayment program.
  • There are discussions about a possible extension of the ongoing student loan payment pause beyond the December 31 deadline in response to the legal battles over Biden’s one-time cancellation plan. However, there is nothing definitive at this time.
  • The Justice Department released new guidance that may make it easier for some borrowers to discharge their student loans in bankruptcy.
  • The Biden administration will be implementing the new IDR Account Adjustment initiative by the summer of 2023. Millions of borrowers may be able to advance their progress towards loan forgiveness under this program.
  • The Education Department is developing a new income-driven repayment (IDR) plan that could be more affordable than the current IDR options for at least some borrowers. Details are sparse right now, but we should have more information in the coming months.
  • New regulations governing Public Service Loan Forgiveness (PSLF), the Total and Permanent Disability (TPD) Discharge program, and Borrower Defense to Repayment are set to go live by July 2023.

Lots going on these days for student loan borrowers. Check back for updates, or follow me on Forbes.com.

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About Adam S. Minsky, Esq.

Adam S. Minsky founded the first law office in Massachusetts devoted entirely to assisting student loan borrowers, and he is one of the only attorneys in the country practicing in this area of law. He provides counsel, legal assistance, and direct advocacy for borrowers on a variety of student loan-related matters. He regularly speaks to students, graduates, and advocates about the latest developments in higher education financing.

Books by Adam S. Minsky

The Student Loan Handbook for Law Students and Attorneys

The Student Loan Handbook for Law Students and Attorneys

Student Loan Debt 101

Student Loan Debt 101: The Definitive Guide to Understanding and Managing Your Student Loans

Student Loans for Parents and Cosigners

The Student Loan Guide for Parents and Cosigners

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asminsky@minsky-law.com
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Boston, MA 02110

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