Biden announced the student loan forgiveness program to help around thirty-seven million Americans with federal student loans.
However, its fate largely depends on whether it can survive legal challenges from the Republican party.
We collect some updates about the student loan forgiveness program for you.
Does everyone get a student loan refund?
Only some people are eligible for a student loan refund.
You need to have an annual income of less than $125,000 (individual) or $250,000 (households) to be eligible for the program.
Who is eligible for student loan refund?
You'll get a refund if you made payments during the payment pause (between March 13, 2020, and December 31, 2022) but you didn't pay off your loan in full.
Will 2022 student loans be offset?
The IRS would wait till November 2022 before it offsets tax refunds for student loan debt.
You can also take back by asking for a tax refund offset reversal.
What if I can never pay off my student loans?
You could lose any future student aid, including grants, scholarships, and federal student loans.
Defaulted loans on your credit report could make it harder to buy a car and a home.
Can student loans take your house?
No, the government won't take your house because you owe student loan debt.
Therefore, the student loan forgiveness plan is suitable for Americans as it will help you manage your budgets properly.
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