Debt Relief Plan

Biden Administration's Student Debt Relief Plan

Student Debt Relief and Loan Forgiveness

ALERT! The Supreme Court Blocks The Biden Administration Student Debt Cancellation program.

On June 30, 2023, the Supreme Court rejected the student loan relief program announced last August 2022. Even if a borrower received a confirmation or acceptance to a submitted application, the borrower’s student loans are NOT eligible for student loan cancellation under this program. Other federal and New York State forgiveness programs, such as Public Service Loan Forgiveness, remain in effect. Subscribe to the U.S. Department of Education (ED) email list for more updates.

Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, federal student loan payments are automatically suspended, without interest or penalties, until no later than August 30, 2023. Read Important Information for Student Loan Holders: Automatic Payment Suspension and Other Relief During COVID-19.

Other Student Loan Relief

There are other ways you may qualify for student loan relief:

As a city employee, you may be eligible for loan relief through the Public Service Loan Forgiveness (PSLF) program. The PSLF program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. Learn more at StudentAid.gov/PSLF
If you have student loan questions or need help understanding the PSLF application process, get FREE one-on-one professional, financial counseling in person or by phone. NYC Financial Empowerment Center counselors can support you in reaching your financial goals. Book an appointment today at nyc.gov/TalkMoney