The online application portal for Biden's student loan forgiveness program officially rolled out Monday, however, some borrowers are not eligible for relief.
under the section about FFEL and Perkins loan eligibility was altered at the time to say, "As of Sept. 29, 2022, borrowers with federal student loans not held by the ED cannot obtain one-time debt relief by consolidating those loans into Direct Loans."
That section previously said borrowers with privately held federal student loans "can receive this relief by consolidating these loans into the Direct Loan program,"an older version of the page archived on the WayBack Machine. The change came amid multiple states suing to pump the breaks on the student loan handout program.
"Our goal is to provide relief to as many eligible borrowers as quickly and easily as possible, and this will allow us to achieve that goal while we continue to explore additional legally-available options to provide relief to borrowers with privately owned FFEL loans and Perkins loans, including whether FFEL borrowers could receive
without needing to consolidate," an Education Department spokesperson told FOX Business in early October"The FFEL program is now defunct and only a small percentage of borrowers have FFEL loans" the spokesperson added. "This is a completely different program than Direct Loans."
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