Critical Student Loan Forgiveness Deadline Is Only Weeks Away

As the Biden administration implements multiple student loan forgiveness initiatives, millions of borrowers have been approved for discharges. But for one particular program, a critical deadline is rapidly approaching.

Under the IDR Account Adjustment initiative, the Education Department can provide retroactive “credit” toward a borrower’s 20- or 25-year student loan forgiveness term for income-driven repayment plans, even for borrowers who have not been in such a plan. Most past periods of repayment, and many prior deferment and forbearance periods, can count. Some periods can also count toward loan forgiveness under the Public Service Loan Forgiveness program, as well.