Student Debt Relief: Are you Eligible for Loan Forgiveness?

Traveling knowledge

By: John Derric

What's happening

The Biden administration is forgiving $10,000 in student loan debt for borrowers who make under $125,000.

Why it matters

President Joe Biden announced a plan to forgive up to $10,000 in student loan debt per borrower, plus another $10,000 for those with federal Pell grants.

student loan debt

President Joe Biden's plan will forgive up to $10,000 in student loan debt per eligible borrower, plus another $10,000 for those with federal Pell grants.

education loan

student-loan forgiveness orders by the federal government, including for those in public service, for students misled 

Who qualifies for loan debt forgiveness?

The White House's plan will forgive federal student loan debt for borrowers who earned less than $125,000

married couples

less than $250,000 for heads of households or married couples filing jointly

How do I sign up to have my debt forgiven?

Nearly 8 million borrowers may automatically have their debt canceled because their income information is already filed

How much student loan debt is being forgiven?

The Federal Reserve estimated that, at the start of 2022, about 45 million Americans were carrying federal student loans.

Additional federal student loans

White House plan would erase $10,000 of debt from their federal student loans.

Will the cap monthly loan repayments?

The administration is also proposing a cap on monthly undergraduate student loan repayments at 5% of the borrower's monthly salary

already forgiven some student loans?

Biden administration has scratched student loans for some borrowers already, including those in public service , those with total and permanent disabilities

What about student loan payments and interest?

loan repayment, interest and collections, which was slated to expire on Aug. 31, has been extended through Dec. 31, 2022. Payment requirements will resume in January 2023.

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