Student Loan Forgiveness: 3 Key Dates To Mark on Your Calendar

Young worried woman going over finances at home.
damircudic / Getty Images

Individuals who earn less than $125,000 and couples whose income is under $250,000 could be able to apply for up to $10,000 in federal student loan forgiveness. It doubles to $20,000 for Pell grant recipients. But whether or not borrowers are able to get loan forgiveness depends on the Supreme Court, which is currently deciding on the fate of the plan.

During the time the online application for student loan forgiveness was live, at least 26 million borrowers submitted applications and over 16 million borrowers were approved. But due to the Supreme Court’s debate over the plan, applications are no longer being accepted, and no relief has yet been provided to any applicants. 

So what’s next? That depends in part on the Supreme Court’s decision. Still, it’s essential to know about a few key dates that are coming up.

June 30 

The Supreme Court is expected to issue a final decision on the loan forgiveness plan by June 30. If the justices decide in favor, borrowers may start receiving student loan forgiveness within weeks. If the Court shuts down the program, relief goes out the window, and the Biden administration will be forced to reassess. 

Save for Your Future

August 30 (or so) 

President Biden’s extension of the student loan moratorium is set to end 60 days after either June 30 or the date that the Supreme Court rules on the student loan forgiveness plan, whichever comes first. Unless the Biden administration extends the pause again, federal student loan repayments would resume by around August 30.

December 31 

Last year, the Biden administration announced the IDR Adjustment, a one-time initiative that will give millions of borrowers retroactive credit toward student loan forgiveness under income-driven repayment (IDR) plans. The Education Department will issue a one-time adjustment that will be applicable to past repayment periods, toward a borrower’s 20- or 25-year student loan forgiveness term. Even borrowers who aren’t currently in IDR plans can access this program, Forbes reported. The effective date for this initiative has changed a few times; it is currently scheduled for December 31. 

Take Our Poll: What Do You Plan To Use Your Tax Refund For?

Get Your Paperwork in Order Now

Though applications for the student loan relief program are on hold, make sure that you have all relevant documents in hand by June 30 in case the court rules in its favor. Gather all student loan debt records available to support your request. Learn more about eligibility requirements here.

More From GOBankingRates

Save for Your Future

Andrew Lisa contributed to the reporting for this article.

Save for Your Future

About the Author

Nicole Spector is a writer, editor, and author based in Los Angeles by way of Brooklyn. Her work has appeared in Vogue, the Atlantic, Vice, and The New Yorker. She's a frequent contributor to NBC News and Publishers Weekly. Her 2013 debut novel, "Fifty Shades of Dorian Gray" received laudatory blurbs from the likes of Fred Armisen and Ken Kalfus, and was published in the US, UK, France, and Russia — though nobody knows whatever happened with the Russian edition! She has an affinity for Twitter.
Learn More


See Today's Best
Banking Offers