How Long Does it Take to Know if You Are Approved For Student Loan Forgiveness?
The amount of time it takes to know if you are approved for student loan forgiveness varies depending on the program you are applying for. However, in general, you can expect to receive a decision within 90 days of submitting your application.
It is important to note that these are just estimated processing times. The actual amount of time it takes for your loan servicer to process your application and approve or deny your forgiveness may vary.
Here is a breakdown of how long it takes to know if you are approved for each of the most common student loan forgiveness programs:
Public Service Loan Forgiveness (PSLF)
For PSLF, borrowers typically apply for forgiveness after making 120 qualifying payments (usually equivalent to ten years of payments). Approximately 90 days long.
Income-Driven Repayment (IDR) loan forgiveness:
For forgiveness under income-driven repayment plans (e.g., Income-Based Repayment, Pay As You Earn, Revised Pay As You Earn), you typically become eligible after making 20 or 25 years of qualifying payments, depending on the specific plan. Approximately 90 days long.
Teacher Loan Forgiveness:
you can apply after completing the required years of teaching service in a qualifying low-income school. Approximately 90 days long.
Perkins Loan Cancellation
Approximately 90 days long.
In conclusion, During the forgiveness application process, be patient and proactive by keeping accurate records of loan payments, communication with loan servicers, and application documentation.
Regularly follow up with the processing entity to ensure progress. If you have concerns or questions about the application’s status, contact your loan servicer or program administrator for updates and clarification.