Student Loan Forgiveness In 2024. Forgive debt for those who have repaid for 20 years (25 years if there is debt for graduate school). The administration’s new plan would cancel debt for all borrowers with only undergraduate student debt who entered repayment 20 or more years ago and cancel.
Borrowers would be eligible for relief if they have a current balance on certain types of federal student loans that is greater than the balance of that loan when it. That includes providing the largest increases to the maximum pell grant in over a decade;