On August 24, 2022, President Biden announced widespread student debt cancellation of up to $20,000 for eligible borrowers. For information about the new one-time student loan cancellation, visit our page here. The application for this one-time debt cancellation is available on the Department of Education’s website here. Thank you for your patience as we update our website about these major changes.
In the meantime, you can visit studentaid.gov for information about managing your federal student loans from the U.S. Department of Education, including information about the payment pause and debt cancellation.
You should start here to learn about different types of student loans and how to deal with them.
As you start going over your financial situation and reviewing your student loan bills, you should know that you are not alone. Many people are struggling to repay student loans. Most students struggle to pay for college. More than $1 trillion in student loan debt is outstanding!
The good news is that there is almost always something you can do to improve your situation. Your options vary a lot depending on what type of loan you have. It is essential to know this information before you can start dealing with your student loan problems.
Your rights and responsibilities are different depending on whether the loan is a federal or private loan. Even if you know you have a federal loan, it is important to know which program you signed up with, and which type of loan you have. You can use the tools in the What Type of Loan Do I Have section to help you figure this out. Once you know what type of loan you have, you can start figuring out how to deal with your individual circumstances. Another way to get started is to review the checklist in the Can I Get Relief section.
The information on this web site is mainly for those who have already taken out student loans. There are other excellent resources if you are planning for college and thinking about how to pay for it. A good place to start is the Consumer Financial Protection Bureau’s online tool to help you compare financial aid offers. The Department of Education issued guidance in April 2019 about what schools should avoid when issuing financial aid award letters. In addition, many schools have adopted a standard college shopping sheet. You can also get information on-line about how to figure out financial aid award letters.