On Tuesday, Oct. 18, the following message was sent to Hamline University students and staff:
On Monday, the U.S. government released information on how to apply for the student loan forgiveness program. Effective immediately, studentaid.gov will take applications for debt relief.
If you have loan debt, we want to urge you to take advantage of this opportunity at your earliest convenience. Here are some things you should know before applying:
- Only loans taken out before June 30, 2022 are eligible for relief.
- Private loans are not eligible for relief. Your loans, even if defaulted, must be held by the federal government. Defaulted federal loans are eligible for relief.
- You are eligible for up to $10,000 in debt relief if you didn’t receive a Pell Grant and have individual income under $125,000 or are married with adjusted gross income of less than $250,000 in either 2020 or 2021.
- You are eligible for up to $20,000 in debt relief if you received a Pell Grant, with the same income conditions as above.
- If you have filled out a FAFSA, the government will notify you of potential automatic eligibility, but you should apply in any event.
- You do not have to log in to the federal website or submit any forms to apply. However, if you do choose to create an FSA account, a section titled “My Aid” will help you determine which loans are eligible for relief under the plan when you log in.
The government plan can potentially help a wide cross-section of Hamline students and alumni. Currently, 47% of Hamline students are eligible for a Pell Grant, as are approximately 43% of transfer students. Statewide, over 700,000 students are eligible for this important program. An estimated eight million students nationwide used the website on its first day of operation, so don’t delay — take action now.
The deadline for applications is Dec. 31, 2023.