How Do I Start the Student Loan Forgiveness Process?

The Biden administration and the White House continue to convince eligible borrowers to file claims for the student loan forgiveness plan.

Karine Jean-Pierre, White House Press Secretary, said that the temporary order shouldn’t prevent borrowers from applying for the program.

The student loan forgiveness plan can have a positive impact on 43 million Americans who are eligible as qualifying borrowers.

Here are some updates about the program.

Is student loan forgiveness automatic? Borrowers who filed FAFSA (the Free Application for Student Aid) for the school year 2022-2023 can expect to receive student loan forgiveness automatically.

Is there an income requirement for loan forgiveness? You are eligible for the program if you have an annual income of less than $125,000 (individual) or $250,000 (households).

Are student loans forgiven after 15 years? It’s available after 20 years if you were a new borrower on or after July 1, 2014.

Is it too late to apply for loan forgiveness? Technically, you can apply for the student loan forgiveness plan until the end of 2023.

However, the Biden administration urges people to apply to the program by the Nov. 15 deadline.

How do I start the student loan forgiveness process? There are four steps for it:

1. Check if you are available for the program 2. Check if you need to fill out an application

3. Sign up for Department of Education updates and make sure you contact your loan services for this matter

4. Gather your 2020 and 2021 tax returns

Related web stories about student loan forgiveness:

Designed by Alexander Rabu