Note
We updated this announcement on Dec. 2, 2022, by adding a link to the separate guidance for guaranty agencies that manage defaulted Federal Family Education Loan Program loans that we published in Dear Colleague Letter GEN-22-16.
On April 6, 2022, the U.S. Department of Education (ED) announced it would eliminate the negative effects for borrowers with defaulted federal student loans. Known as “Fresh Start,” this initiative will increase the long-term repayment success of borrowers with eligible loans. Fresh Start restores eligibility for federal student aid to almost 7.5 million borrowers (as of May 31, 2022) to help them complete their credential or degree; borrowers who do not complete their program of study are at a higher risk of default.
Guidance about Fresh Start for postsecondary institutions is available in Dear Colleague Letter GEN-22-13.
Information for federal student loan borrowers is posted at StudentAid.gov/freshstart.
A general fact sheet about the initiative is linked below.
Guidance about Fresh Start for guaranty agencies that manage defaulted Federal Family Education Loan Program loans is available in Dear Colleague Letter GEN-22-16.
Attachments
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