You might get an automatic refund for your student loan payments if you voluntarily made payments during the COVID-19 student loan payment pause. Here's why
, eligible borrowers might not have to request a refund from their lender because they could automatically qualify.First, you must successfully apply for student loan forgiveness and then, receive debt relief under Biden’s plan. According to the Department of Education, the application forms will be released next month.
Second, the payments you have made since March 13, 2020 when former President Trump created the student loan payment pause must have brought your loan balance below the maximum debt relief you are qualified to get. However, they must not have fully paid off their loan. If you do not meet these requirements, you can still get a refund on payments you have made since March 2020. The refunds will increase your loan and monthly payments, though.While there is still time before the Department of Education releases the student loan forgiveness form, there are some steps you can take to prepare for the application process.
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