The grants are:
The Student Loan Forgiveness Grant (SLLG) The Public Service Loan Forgiveness Grant (PSLF) The Student Loan Refinancing Grant (SLRF)
How much is a student loan forgiveness grant?
There are three different student loan forgiveness grants:
The SLLG: You can receive this award if you have a $5,000 loan balance at the time you submit your application. The payment amount is $0 for the first year on the loan so you can apply after the award is announced and can receive this award for the first year before your balance is discharged. For more detailed information, click here. The PSLF: You can receive this award if you have a $8,000 student loan balance at the time you submit your application. You must also have an unused Direct Loan balance or Direct Consolidation balance of less than $5,000, as well as a Direct PLUS borrower on your loan to qualify for this award. For more detailed information, click here. The SLRF: You can receive this award if the total loan balance is $10,000 at the time you submit your application. This amount depends on whether or not the loan amount in your application is less than your estimated Direct PLUS income. For more detailed information, click here.
Which student loan forgiveness grants can I receive?
There are two types of student loan forgiveness grants:
Direct Loan Forgiveness Grant (DLF): You can obtain this award if you have a Direct Loan balance of at least 90% of the federal subsidy amount or $7,500 for Direct Subbond PLUS borrowers, as well as Direct Consolidation balance less than $15,000, or a Direct PLUS borrower on your loan. For more detailed information, click here.
Subsidized loan forgiveness grant: You can obtain this award if you receive Direct loan forgiveness and your loan balance is less than the amount of Direct Loan forgiveness plus Federal Direct Subsidized Loan forgiveness. For more detailed information, click here.
How is a student loan forgiveness grant determined?
The Federal Student Aid (FSA) determines eligibility of student loan borrowers based on each borrower’s loan balances, loan amounts and creditworthiness.
If a borrower’s income is lower than 300% of the poverty line (FPL), a borrower is considered eligible for the student loan forgiveness grant if the borrower’s loan balance is less than 150% of FPL. The
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