How Do I Qualify for Covid Student Loan Forgiveness?

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The Biden administration announced the student loan forgiveness program that can erase borrowers’ debt up to $20,000.

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You must earn less than $125,000/year (individually) or $250,000/year (married couples) to qualify for the program. You need to know some FAQs about the student loan forgiveness plan.

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Does loan forgiveness hurt your credit? When your student loan is forgiven, it shouldn’t negatively impact your credit.

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Do you get money back from loan forgiveness? You may automatically receive a refund if you made payments during...

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the federal moratorium and these payments lowered your loan balance to less than your forgiveness amount.

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How much is the loan forgiveness program for? Federal Pell Grant recipients can get up to $20,000 in debt relief.

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Meanwhile, other federal student loan recipients may be eligible for the student loan forgiveness plan for up to $10,000.

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How do I qualify for Covid student loan forgiveness? You can get forgiveness during the payment pause if you have made 120 qualifying payments.

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Will student loans be paused again after August 2022? The student loan payment pause ends on Dec. 31, 2022, and resume payments in January.

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Therefore, borrowers can consider applying alternative repayment options if they need to.

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Designed by Alexander Rabu

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