By Meena
Generally, you're eligible after 240 or 300 monthly payments, depending on your repayment plan. Recent changes affect how payments are counted.
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Now, months with late, partial, or deferred payments count towards the required total, expanding who qualifies.
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This applies to people on income-driven repayment plans, those in the public service loan forgiveness program, or holding certain loans.
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Add up the number of normal, late, partial, paused (with conditions), and deferred payments (with conditions).
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If your total reaches 240 or 300 months (based on your program), you qualify for loan forgiveness.
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To know if you need 240 or 300 months, look at your specific repayment plan and loan type.
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If you struggle with counting, don't worry. The Department of Education will notify those eligible.
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The amount forgiven is unique to each borrower, depending on several factors. There's no blanket forgiveness.
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Those who haven't made payments for a number of years are unlikely to be eligible.
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The forgiveness stems from changes to existing programs under the Higher Education Act.
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Thanks for Readings !
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