How do I know if my student loan has been forgiven? (2024)

How do I know if my student loan has been forgiven?

Your student loan servicer(s) will notify you directly after your forgiveness is processed. Make sure to keep your contact information up to date on StudentAid.gov and with your servicer(s). If you haven't yet qualified for forgiveness, you'll be able to see your exact payment counts in the future.

How can I check if my student loan forgiveness was approved?

Log in to StudentAid.gov to track your PSLF progress. For updates on your application status, visit MOHELA's website or contact them at 1-855-265-4038. Be aware that MOHELA is experiencing historic submission volume that may delay response time. We appreciate your patience.

How do you know your student loan was forgiven?

How Will I Find Out if I'm Approved for Student Loan Forgiveness? If you have applied for forgiveness under a program like the PSLF or Teacher Loan Forgiveness program, your student loan servicer will notify you regarding your loan being forgiven totally, or partially with a remaining balance, depending on the program.

Is there a decision on student loan forgiveness?

The Biden-Harris Administration today is announcing that it will automatically discharge $1.2 billion in loans for nearly 153,000 borrowers who are eligible for the shortened time to forgiveness benefit under President Biden's Saving on a Valuable Education (SAVE) Plan.

How to know if student loan forgiveness is legit?

How long does it take to find out about student loan forgiveness?

The Federal Student Aid website says, however, that relief can be expected within four to six weeks of completing the application; the website also advises to apply before Nov. 15, 2022, in order to see your loans forgiven by the end of this year. Some qualified borrowers, however, may see their forgiveness sooner.

Why is my MOHELA balance zero?

MOHELA, the loan servicer for the PSLF program, has stated that payment counts for PSLF may temporarily show zero qualifying payments. This can be really confusing for borrowers who were told they needed to consolidate their loans in order to be eligible for PSLF or to maximize their eligibility for PSLF.

Why is my forgiven student loan still on my credit report?

Once the loan is discharged the balance will show up as zero, but your lender isn't required to remove the previous negative credit history. If your loans have been discharged and the accounts aren't being reported properly on your credit, you have the right to dispute anything that's inaccurate.

Does debt forgiveness hurt your credit?

Credit card debt forgiveness could hurt your credit

You stop making payments to your creditors as you save for your settlement. Creditors typically report the debt as "settled" rather than "paid as agreed" on your credit report once it's paid off. This shows that the creditor wasn't able to collect on the full debt.

Who qualifies for $10,000 student loan forgiveness?

Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for households. Get details about one-time student loan debt relief.

Can student loan forgiveness be reversed?

So far, the information readily available suggests that student loan forgiveness reversals are only happening to a small fraction of borrowers who have received discharges within the last year, and could be attributable to some sort of error associated with PSLF employment certification forms.

Why is my student loan payment $0?

However, if borrowers have no disposable income, as defined by a formula based on the federal poverty level, they're payments are set to $0. These new figures mean more than half of those who have signed up so far have income levels low enough to qualify for $0 loan bills.

Is Nelnet part of student loan forgiveness?

Nelnet handles a variety of federal loans, and the eligibility for loan forgiveness programs such as President Biden's student debt relief plan, income-based repayment plan forgiveness, and the Income-Driven Repayment Waiver depends on the type of loan. Ahead, learn how to get your Nelnet student loans forgiven.

How does student loan forgiveness hurt you?

Your credit score could dip slightly

When your student loan is at “paid off” status, either through making a last payment or through debt cancellation, you could see a minor ding to your credit score.

What are the cons of student loan forgiveness?

Why am I getting debt relief emails?

If you receive an unsolicited call or contact from someone offering to help you eliminate your debt, be extra cautious. There's a good chance they're a scammer.

Will I receive an email if my student loans are forgiven?

The department is implementing the adjustment every two months, and the latest wave of nearly 30,000 borrowers received emails this month notifying them that their loans have been discharged. “The Biden-Harris Administration's income-driven repayment fixes are granting you forgiveness,” reads the text of the email.

How do I know if I qualify for save forgiveness?

For a borrower to be eligible for this forgiveness they must be enrolled in the SAVE Plan, have been making at least 10 years of payments, and have originally taken out $12,000 or less for college. For every $1,000 borrowed above $12,000, a borrower can receive forgiveness after an additional year of payments.

How long does it take for MOHELA to process PSLF?

To check your PSLF form processing status, please input the required information below. * Please keep in mind that it may take at least 60 business days for MOHELA to process these forms.

How do I know if my MOHELA loan will be forgiven?

If you work in certain public service jobs and have made 120 payments on your Direct Loans, you may be eligible to have your loans forgiven. If some or all of your payments were not made on a qualifying repayment plan for PSLF, you may be able to receive loan forgiveness under a temporary opportunity.

What does MOHELA smiley face mean in PSLF?

Borrowers would be eligible for forgiveness if they made 120 on-time payments. Borrowers receiving forgiveness will be notified by Mohela, the student loan servicer for PSLF, and by logging into their accounts and seeing the telltale “smiley face” and $0 balance.

How can I check my MOHELA loan status?

Manage Your Loans 24/7 - Visit your App Store to download the MOHELA Android or iOS Apps, where you can view account details and make payments to specific loans. Call 888.866.4352 to get account information and make payments using the automated system. Log In to mohela.com or StudentAid.gov.

Why does my student loan say paid in full?

You may notice your former servicer has cleared your loan account. For example, your loan balance may come up as “paid in full” on your former servicer's website or on your credit report. This does not mean you've received loan forgiveness. This is part of the loan transfer process.

How often does MOHELA report to credit agencies?

How often does MOHELA report my student loan information to the nationwide Consumer Reporting Agencies (CRAs)? The status of your student loan(s) is reported monthly to the nationwide consumer reporting agencies. If your account is past due, late payments may be reported.

Will my credit score go up after loan forgiveness?

How Student Loan Forgiveness Affects a Credit Score. Credit mix: Those who qualify for loan forgiveness may see a score drop by a few points if the loan was the only installment loan because a credit mix, which shows multiple forms of credit, accounts for 10% of a FICO Score.