Federal Student Loan Forgiveness

Federal Student Loan Forgiveness

Please note that on August 24, 2022, the federal government announced a new debt cancellation program for certain federal student loan holders (including Pell Grant recipients and non-Pell Grant recipients).  Refinancing your federal loan with a lender on our website means that you will not qualify for this program, and you will lose other current and future federal student loan benefits that you may be eligible for.  If you have federal student loans, we strongly recommend reviewing your current and potential future benefits before refinancing.   If you have questions related to this federal loan cancellation program, please see our FAQ page or visit studentaid.gov.     

Who qualifies for forgiveness?

Information on federal loan forgiveness and the end of the payment freeze can be found at studentaid.gov.     

Does the government's announcement regarding student loan forgiveness impact my student loans serviced by LendKey?

LendKey services loans on behalf of our lending partners. All student loans serviced by LendKey are private. When a federal loan is refinanced by a private lender, the loan becomes private, and any federal benefits no longer apply to the loan.

All applicants are required to acknowledge the loss of these benefits before they sign their loan agreement. Loan documents can be located in the Disclosures section of the MyAccount Opens in new window.

Where can I find information on the Federal Fresh Start program?

Information about the Fresh Start for Federal Student Loan Borrowers in Default prorgram can be found here.     

What should I do if I was applying for a refinance that contained federal loans?

If you would like to make changes to the loans you are choosing to refinance, please contact us at customer.care@lendkey.com.