The Student Loan Forgiveness Plan, Who Owes the Most?

You must have an annual income of less than $125,000 (individual) or $250,000 (households) to be eligible for the student loan forgiveness plan.

However, the program is still on pause since some Republican officials marked it as “unconstitutional.” More updates on the student loan forgiveness plan are here.

Who owes the most in student debt? According to an analysis on January 2022, 45 million Americans have student loan debt.

The greatest amount of student debt, around more than $600 billion, is owed by those 35 to 49.

How much is too much in student debt? The student loan payment should be around 8-10% of the gross monthly income. Therefore, borrowers can still have space to manage their budgets properly.

Who suffers the most from student loan debt? According to the data, 32.5% of federal student loan debt belongs to borrowers in their 30s.

Hence, the student loan forgiveness plan could help them in this matter.

What age do you not pay back student loan? Your student loan will be reduced when you reach a certain age. It could be anywhere between 25 and 30 years or when you’re 65.

What states are affected by Navient? The borrower’s mailing address must be within one of these states: Arkansas, Michigan,...

Kansas, South Carolina, Rhode Island, West Virginia, Vermont, or associated with a military address postal code.