Student Loan Forgiveness 2024 Update Irs. The pslf program allows you to receive forgiveness of the remaining balance of your direct loans after you have made the equivalent of 120 qualifying monthly payments. Idr is a collection of individual plans that base monthly payments on a borrower’s income, with the potential for student loan forgiveness after a certain period.
The latest round of student loan forgiveness announced last week by the biden administration is for $4.9 billion held by 73,600 borrowers in idr or pslf plans. The future of student loan forgiveness will likely depend on key events over the next few months.