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Wondering how to Your Student Loans Forgiven?
If you’re one of the 44.7 million Americans with student loan debt, you’re not alone. You may be struggling to make your monthly payments, or you may have even fallen behind. If you’re looking for relief, your in luck. Here’s a guide on how to get student loan debt relief through the new Biden student loan forgiveness program.
The Biden admin has officially launched a new application for student debt relief. Borrowers can now apply for up to $20,000 in student loan relief—anytime before Dec. 31, 2023.
Who qualifies for Student Loan Debt Relief?
People who make less than $125,000 per year, or families who make less than $250,000 per year, are eligible for up to $10,000 in loan forgiveness. Borrowers who meet those same income requirements and attended college with Pell Grants, designed to help low-income students, are eligible for up to $20,000 in forgiveness.
Those who have worked in public service for 10 years or more, such as for a non-profit organization or the government, may be eligible to have all debt canceled through the Public Service Loan Forgiveness program
How to apply for federal student loan forgiveness
This is amazing! You can apply online and have up to $20,000 of federal student debt wiped out in just a matter of minutes.
All you need to do is visit this page to access the online form. All they ask for is you name, Social Security number, date of birth, email address and phone number.
The Education Department is recommending borrowers apply for loan forgiveness before Nov. 15, that’s because it could take up to six weeks for the forgiveness to reflect on loan balances.
No student loan debt will be canceled until Oct. 23, 2022, at the earliest.
What kind of loans qualify for loan forgiveness?
Most federal loans qualify, including Direct loans for undergraduate and graduate borrowers and PLUS loans for parents.
Michelle Harler is the founder of Guide2Free, a website dedicated to finding and sharing freebies, product testing opportunities, and other ways to save money. With over a decade of experience in the industry, her expertise in finding quality offers makes Guide2Free an invaluable resource for anyone looking to try new products and save money.