Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.
In this episode, we walk you through how to cancel your federal student loans now that the application is live.
Check out this episode on any of these platforms:
Before you build a budget
NerdWallet breaks down your spending and shows you ways to save.
Our take
Once your application is submitted, your eligible student debt should be canceled within six weeks, according to the Education Department. Expect your servicer to notify you about the cancellation, and you can monitor your account through studentaid.gov.
Beware that scams are rampant right now. If you get any call about student debt cancellation, you can most likely count on it being a scam. Your student loan servicer and the Education Department will not call you about applying for debt cancellation.
More about student debt cancellation on NerdWallet:
Episode transcript
Sean Pyles: After weeks of waiting, a handful of lawsuits and a decent amount of confusion, it’s finally here — the application to cancel your federal student debt. Welcome to the NerdWallet Smart Money podcast. I’m Sean Pyles.
Anna Helhoski: And I’m Anna Helhoski. If you want the Nerds to answer your money question, call or text us on the Nerd hotline at 901-730-6373. That’s 901-730-NERD. Or email us at [email protected]
Sean Pyles: This episode, we’re going to help you cancel your student debt. The debt relief application just dropped, so we want to talk you…
