To fully understand the Student Loan Forgiveness Act, it is important to clarify its provisions. Under the new law, a former student or alumni will have their remaining student debt balance forgiven after making 10 years of consecutive payments while working full-time through a qualifying employer. After the qualifying monthly payments have been processed, student loan holders can apply for student loan forgiveness under an Income-Driven Repayment Plan (IDR) and have the rest of their remaining balance canceled. However, the process requires borrowers to meet specific qualifications; it does not automatically erase student loan debt.
