New Federal Student Loan Forgiveness Program

On August 24, 2022, the White House announced a new program to forgive federal student loans. We understand that you may have questions about this announcement and how it may affect you and your loans serviced by Higher Education Servicing Corporation (HESC).

What type of loans does HESC service?

HESC services Federal Family Education Loan Program (FFELP) loans that are considered commercially held federal education loans. We also service private education loans.

All federal education loans made after June 30, 2010, are known as federal Direct Loans. HESC does not service federal Direct Loans.

Do I qualify for student loan forgiveness?

On September 29, 2022, the U.S. Department of Education announced that commercially held FFELP loans are not currently eligible for the one-time debt relief program. While federal officials have stated commercially held FFELP loans do not qualify for the one-time debt relief program, they have also stated they are considering options to assist commercially held FFELP loan borrowers. Should the U.S. Department of Education decide at some point to allow commercially held FFELP loan borrowers to qualify for this debt relief program, we will update the information on our site.

There are no plans to extend federal loan forgiveness to private student loans.

Like many other federal student loan servicers, we are working hard to continue to provide excellent customer service and will continue to update this site as more details become available. In the meantime, you may also visit Federal Student Aid for additional details.

Updated October 11, 2022