Some borrowers do not have to take any action to qualify for student loan forgiveness under the IDR Account Adjustment. But others do. Here's what you should know.
initiative,” says the Education Department. “Borrowers who exit default prior to the end of the Fresh Start period will receive the full benefit of the account adjustment.” Fresh start is a separate one-time Biden administration initiative that provides borrowers with another pathway out of default.
Time in default generally will not count toward a borrower’s IDR student loan forgiveness term. However, the new guidance indicates that borrowers who get out of default in time to benefit from the IDR Account Adjustment will “receive credit for periods in default from March 2020 through the month they exit default.”Borrowers do not have to presently be in an IDR plan to receive the benefits of the IDR Account Adjustment.
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