How Do I Know I'm Eligible for Student Loans Forgiveness?
President Joe Biden announced the student loans forgiveness program in August 2022 that cancels up to $20,000 in debt per borrower.
The administration urges people to apply for it as the forms should only take five minutes to complete.
Here is some information about the student loans forgiveness plan that you need to know.
How do I know if I'm eligible for loan forgiveness?
You are eligible for student loans forgiveness if you make less than $125,000 (individual) or $250,000 (married couples) per year.
What type of student loans qualify for forgiveness?
If the Department of Education holds your loan, you can have up to $10,000 forgiven.
Moreover, you can even have up to $20,000 forgiven if you received Pell grants.
How do I get my student loan forgiven by Biden?
You can apply for the student loans forgiveness program if you are a current federal student loan holder.
Besides, you are also eligible for the program if you own an annual income of less than $125,000 (individual) or $250,000 (households).
How much of a student loan can be forgiven?
Eligible borrowers can have up to $10,000 in debt cancellation.
If you received a Pell Grant during your education, you can even qualify for up to $20,000 in loan forgiveness.
How long does it take to pay off a $30,000 student loan?
The duration depends on the repayment plan, but a $30,000 student loan can be fully paid in 20 years.
Therefore, the student loan forgiveness plan can help you in this matter.