What happens next if you receive student loan forgiveness?

Four things to be on the lookout for

Desk with a calculator and binder reading Student Loan Forgiveness
The Biden administration announced that it was canceling another $1.2 billion in student loan debt
(Image credit: Carol Yepes / Getty Images)

After the Biden administration's February announcement that it was canceling another $1.2 billion in student loan debt, an estimated 153,000 borrowers got an email notifying them of their remaining federal student loan balance disappearing, said CNN. "Impacted borrowers got an email addressed from President Joe Biden that read, 'Congratulations — all or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administration's SAVE Plan,'" said Nerdwallet.

But if you have had your student loan debt hanging over your head for at least 10 years (the minimum time in repayment required to qualify for this SAVE plan forgiveness), it might seem too simple to have your student loan debt just disappear. Is that really the end of the story? If the entirety of your debt was forgiven, then yes. That said, there are other things to look out for if you have had your student loan debt forgiven, either through the Biden administration's latest move or in another way. 

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