How to apply for federal student loan forgiveness and refunds for payments in pandemic.
latest student loan forgiveness plan. However, what you may not know is that if you've been making payments during the pandemic, you could get a refund. That's right. If you paid off a federal student loan during the pandemic, or have been making payments on one, you may get a refund for those payments.
"If you have a Direct Loan, it doesn’t matter if it’s a Parent Plus Loan, or a Stafford Loan, or a graduate loan or undergraduate loan," explained Betsy Mayotte, President and founder of The Institute of Student Loan Advisors. President Joe Biden unveiled a plan to provide $10,000 of federal student loan debt relief for borrowers who earn under $125,000 annually, and more for those with the greatest financial need.
The U.S. Department of Education will announce how to apply in early October. And it says if you apply before November 19, 2022, you can expect forgiveness by year's end. But forgiveness does not apply to private loans, or to federal loans that were already paid off before the pandemic. "To be clear, you can only get the refund for payments made since March 2020," said Mayotte. "And only if your loans were eligible for the COVID-19 waiver to begin with."But note, if you still owe more than $10,000, you would get forgiveness up to that $10,000, before you'd get a refund on pandemic payments.
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