Loan Forgiveness and Payment Pause Apply to Federal Loans Only

Madison, WI - August 25, 2022 - President Biden’s recently announced decision to cancel specific levels of federal student loan debt – and extend the pause on repayment until Dec. 31, 2022 – has resulted in a variety of member questions. For the most recent details on these measures, visit studentaid.gov. 

Please note that the president’s moves apply only to federal student loans, which are covered by the Department of Education. Private loans, like those obtained through a credit union or bank, are not eligible. Additionally, federal loans refinanced through a credit union or bank are not eligible for the new loan forgiveness program.

For questions about private loans through UW Credit Union, please call (800) 533-6773, extension 2950, or email studentloans@uwcu.org.