Student Loan Forgiveness: Did Biden Extend the Student Loan Relief?
Borrowers with an annual income of less than $125,000 (individual) or $250,000 (households) qualify for the student loan forgiveness plan.
However, the program is still on hold since it’s labeled “unconstitutional”.
Here are more updates on the program.
Do student loans go away if you dont pay them? It will default; this status may damage your credit rating and future borrowing ability.
What happens if no one pays student loans? It could be dangerous since the government can take you to court (more court and lawyer fees for you!).
The loan servicer can also send your account to a collections agency.
How much is the average student loan payment per month? It depends on your total debt and repayment plan.
The average student loan payments are $234/month (undergraduate degree-holders) and $570/month (master degree-holders).
The student loan forgiveness program could ease borrowers’ monthly payments.
Is it smart to pay off all student loans at once? It may give you a financial benefit, but it’s not always the best move. Some people don’t need to fully repay their student loans as the government would erase them after some time.
Did Biden extend the student loan relief? President Biden extended the student loan payment pause into 2023.
The extension occurred since the Biden administration still needs to fight their student loan forgiveness plan at the US Supreme Court.