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Does Biden’s student loan forgiveness include private loans?
According to updated guidance released by the Education Department on Thursday, the Biden administration will no longer provide loan forgiveness to borrowers with privately held federal student loans as part of its new student debt relief program. This decision comes as the administration is being sued by some GOP-led states.
Are private student loans forgiven after 20 years?
If you haven’t repaid your loan in full after 20 years (if all of your loans were taken out for undergraduate study) or 25 years (if any of your loans were taken out for graduate or professional study), you will lose any remaining balance.
What student loans are not eligible for forgiveness?
What student loans are not eligible for forgiveness? Private student loans are not eligible for forgiveness because they are private by definition. These are loans that the borrower owes to companies that offer student loans rather than the federal government.
Does student loan forgiveness apply to Sallie Mae loans?
No, Sallie Mae is not participating in the forgiveness program; it only applies to federal student loans. Sallie Mae loans and other private student loans won’t be forgiven under this program.