More Answers for Student Loan Forgiveness Plan

More Answers for Student Loan Forgiveness Plan

US President Joe Biden announced the student loan forgiveness program in August that can wipe federal student loans up to $20,000.

Moreover, the plan includes an extension of the student loan payment pause.

After all, there are some things you need to understand as the student loan forgiveness plan faces multiple legal challenges.

How do I know if my loan qualifies for loan forgiveness? To be qualified for forgiveness, you must have federal student loans and earn below $125,000 (individual) or $250,000 (married couple) annually.

Are student loans automatically forgiven? The Department of Education started emailing around 8 million federal loan student borrowers who are automatically qualified for the student loan forgiveness plan.

It’s feasible as they already have gross income or AGI data for either 2020 or 2021.

Can I ask for my student loans to be forgiven? Yes, you should contact your loan servicer to guide you go through the process.

Is student loan forgiveness a good idea? The student loan forgiveness program could significantly impact the lives of 43 million Americans who are student loan borrowers.

It will help them to manage their budgets, build wealth, and improve financial security.

Can you get a 700 credit score with student loan debt? According to FICO statistics, around 38% of consumers with student loan debt over $50,000 in total have a FICO score of over 700.

However, the student loan forgiveness plan can help Americans to improve this number.