Calculate the amount of your student loan that can be forgiven

President Biden’s plan to forgive up to $20,000 in federal student loan debt sounds simple, but even a simple idea gets complicated in the details. Your eligibility depends on your income in two different years, how you file your taxes, and the type of degree you or your child pursued. Use this tool to determine if you qualify for student debt forgiveness and how much you might be able to apply to your federal loans

Do you have outstanding student loan debt before July 1, 2022?

Your eligibility for loan forgiveness

Please make selections to see your eligibility.

Who is eligible for student debt cancellation?

Anyone who is still repaying a federal student loan disbursed before July 1, 2022, as long as their personal income is less than $125,000 (if filing an individual return), household income is less than $250,000 ( if married and filing jointly) or they are claimed as a dependent by someone who meets the income requirements. Borrowers are eligible if their income in 2021 or 2020 met the requirements. See more information here.

How much student loan can be forgiven?

Borrowers who did not receive undergraduate Pell grants are eligible for up to $10,000 in federal student loan forgiveness. Borrowers who have received undergraduate Pell grants and have outstanding debt from their undergraduate studies are eligible for a forgiveness of up to $20,000; those who received undergraduate Pell grants but only have debt from their graduate studies are eligible for up to $10,000.

Are current students eligible for forgiveness?

Yes. Current students are eligible for cancellation of loans disbursed before July 1, 2022.

[Who has student loan debt in America?]

What are the limits ?

The forgiveness only applies to federal student loans, not private loans. Borrowers must be below the income limit; if they are claimed as dependents, their parents must be below the income limit.

Are college, college and vocational education loans eligible for forgiveness?

Yes. These loans are eligible for a forgiveness of up to $10,000.

What if my spouse and I file our taxes together, but we both have student loans?

Student Loan Forgiveness is administered per person, not per household. If you and your spouse file your taxes jointly and earn less than $250,000 a year, you are both eligible for federal student loan forgiveness.

Reuben Fischer-Baum contributed to this report.

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