Factors that could qualify you for student loan forgiveness

The Biden administration drafted a proposed regulatory text that would give the U.S. Department of Education the power to waive student loan debt for borrowers facing certain financial hardships.

The draft lists 17 factors that could substantiate financial hardship, including household income, types of loans and debt balance, current repayment status and history, type and level of institution attended, age, and disability.

According to the proposal, student loan discharge would apply to those facing hardship that “is likely to impair the borrower’s ability to fully repay the Federal government or the costs of enforcing the full amount of debt are not justified by the expected benefits of continued collection of the entire debt.”

Before the draft proposal goes into effect, the public will have the opportunity to comment.  

Read more: CNBC 

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