Student Loan Forgiveness, Can Student Loan Get Forgiven?

Student Loan Forgiveness, Can Student Loan Get Forgiven?

President Joe Biden made a historic move in August by creating a student loan forgiveness program to wipe debt for millions of borrowers.

However, not everyone can qualify for it, as borrowers have to apply via the complicated loan servicing system.

You may have some questions about the student loan forgiveness program, so here are some answers for you:

1. What is the income limit for student loan forgiveness? The annual income limit is $125,000 for individuals and $250,000 for married couples

2. How long do you have to pay on student loans for them to be forgiven? Any outstanding loan balance will be forgiven if you haven’t fully repaid your loan after 20 years of undergraduate study and 25 years of graduate or professional study.

Therefore, the student loan forgiveness program can benefit a lot of people.

3. What loans are eligible for forgiveness? Almost every federal student loan is eligible for the student loan forgiveness plan.

It also includes direct subsidized or unsubsidized loans and graduate or parent PLUS loans.

4. What age does student loan get wiped? Your student loan gets wiped either after 25-30 years or when you’re 65 years old.

5. Are student loans wiped after 25 years? Yes, student loans get wiped after 25 years or 30 years if you took a graduate or professional study program.

Are there any other student loan forgiveness questions you want to ask?