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Student Loans
IMPORTANT NOTICES
SAVE Borrowers: In August 2024, a federal court issued an injunction preventing the U.S. Department of Education from implementing parts of the Saving on a Valuable Education (SAVE) Plan and other IDR plans, including—for example—SAVE’s monthly payment formula and loan forgiveness under the SAVE, PAYE, and ICR Plans. As a result, SAVE plan borrowers are being placed in administrative forbearance. If you are enrolled in the SAVE plan, you will not need to make loan payments, and your loans will not accrue interest during this time. For updates, see StudentAid.gov/saveaction.
Non-SAVE Borrowers: In October 2023, ED instituted a one-year “on-ramp” to repayment of student loans. Borrowers who did not make payments were not reported to credit agencies. Starting on October 1, 2024, most borrowers were expected to make loan payments regularly again or be considered “delinquent” on their debt. The potential financial impacts of delinquency include negative credit reporting and wage garnishment. Not sure how to start? Get free professional financial counseling at an NYC Financial Empowerment Center.
Student Loans
Student Debt Relief and Loan Forgiveness
For most borrowers, the first payment after the payment pause was due in October 2023. See more information on how to resume payments on your student loan. Most borrowers can lower their payments by enrolling in an income-driven repayment (IDR) plan.
If you have ever worked for a government or 501c3 organization, you may be eligible for federal loan forgiveness programs. Depending on your profession, you may also qualify for state repayment assistance programs. Please review Important Notice for Employees with Student Loan Debt to see if you may be eligible for programs and how to apply.
- Learn more about Public Service Loan Forgiveness (PSLF).
- Learn more about other federal student loan cancellation programs.
- Learn more about State loan cancellation programs.
Were you a Berkeley College student prior to January 1, 2019 and owed tuition or fees to Berkeley? Learn about DCWP's settlement with Berkeley including $20 million in debt relief.
How to Avoid Student Loan Debt Distress
Read tips before enrolling in a school or training program
Read tips before taking out student loans for yourself or a child
Read tips once you have student loans
Advocacy Work to Help Student Loan Borrowers
Additional Help
Make a plan to manage your debt. Get free in-person help
Learn about other resources for student loans