More FAQs on Student Loan Forgiveness for You

Student loan borrowers who earn less than $125,000/year (individual) or $250,000/year (households) can qualify for student loan forgiveness.

But the program is still on pause after some Republican officials marked it as “unconstitutional.”

Here are some FAQs about the student loan forgiveness program that you need to know.

How do I know if Navient will cancel my debt? On April 2022, Navient sent postcards to people whose loans would be erased due to the Navient settlement.

Therefore, you should receive a notification on May, by the first week.

Do I have to pay off my student loans before buying a house? Usually, student loan debt doesn’t prevent you from getting a mortgage.

But it still influences your debt-to-income ratio, impacting the interest rate you pay on your mortgage.

What will Navient loans be forgiven? The PSLF program erases the remaining balance on your student loan after you’ve made 120 qualifying monthly payments under a qualifying repayment plan.

Can student loans garnish your Social Security check? The government can take up to fifteen percent of your Social Security benefit if you have a defaulted federal student loan.

How much of your wages can your student loan holder garnish? Your student loan holder can ask your employer to withhold up to fifeteen percent of your wages to collect your defaulted debt.

Therefore, the student loan forgiveness plan will help you avoid that action.