2022 Student Loan Forgiveness
On August 24th, President Biden announced sweeping student loan forgiveness for borrowers who have Federal Student Loans. Current students are included in this debt relief and applications for forgiveness are now available.
Common Questions:
Who is eligible?
Borrowers with Federal Student Loans that were disbursed before June 30th, 2022. No loans disbursed after July 1, 2022, will be eligible for forgiveness. This includes current students.
Borrowers must make less than $125,000 annually (single) or a combined income of $250,000 if married and filing joint taxes. Income requirements are based on the 2020 or 2021 tax years.
What kind of loans can I get forgiven?
The following types of federal student loans disbursed (when you received your loan funds) on or before June 30, 2022, are eligible for relief:
- All Direct Student Loans (subsidized or unsubsidized)
- Direct Plus Loans (Parent or Grad Plus)
- Federal Family Education Loan (FFEL)
- Federal Perkins Loans
- Federal loans in default status
- $20,000 if you received a Pell Grant at any time during school
- $10,000 if you were not Pell Grant eligible
You must meet the income eligibility guidelines.
How do I apply for forgiveness?
The application is currently available to apply. Some individuals may receive an email notification detailing they will receive automatic forgiveness and do not need to apply. This is only if the federal government has your income on file. The vast majority of individuals will need to apply.
What is the deadline to apply for forgiveness?
You must apply by December 31, 2023. However, you will want to apply this fall to avoid having to make payments on the balance when student loan repayment resumes on January 1, 2023.
JOIN OUR CANVAS:
Looking for a centralized location to review financial aid processes, stay up to date on scholarships, and increase your financial literacy? Our brand new SOM Financial Wellness Canvas is your new money toolkit!
On Canvas, you will find:
- Financial Aid overview & how-tos
- Financial literacy tips and resources
- Full Financial Wellness event calendars plus recorded events to watch on demand.
- Schedule a meeting with your Financial Wellness Counselor
- Ask a personal finance question
- and more!
All Medical, AA, and PA students have received an invitation to join Canvas.
If you have questions, please contact your Financial Wellness Counselor: Kristian Brennon at brennonk@umkc.edu.
►Events & Workshops:
The SOM Financial Wellness department is hosting 9 Events this fall! If you attend at least 3 of the events you will be entered for a grand prize drawing in December! Grab our flyer to see which events are included in the prize drawing here: SOM Financial Wellness Events
The fun doesn’t stop with SOM Financial Wellness. The Volker Financial Wellness Center is hosting quite a few in-person and virtual events this fall. Grab their schedule here: Financial Wellness Center Workshop Flyer, F22
You can RSVP for all SOM-sponsored events and Financial Wellness Center events on RooGroups.
____________________________________________
Upcoming Events:
HPSP Scholarship Informational Session Nov. 3rd @ 6 pm | ZOOM. Join the Army and Air Force recruiters to learn about how the Health Professions Scholarship Program can pay for your health degree. Best for incoming health students and students in year 1 of their professional program.
Know What You Owe – November 9th @ 12:30 PM | ZOOM Do you know how much you owe in student loans? Find out how to manage your student loans and repay them upon graduation.
