Thursday, August 25, 2022

The New Joe Biden Student Loan Forgeness: Questions and Ansers


Who gets the $10,000 student loan debt forgiveness?

You must make less than $125K as single, and $250K as married. You also did not qualify and get a Pell Grant.

If you did receive a Pell Grant: Eligibility for $20,000 student loan forgiveness.

You must make less than $125K as single, and $250K as married. 

Other things to note:

Current students are also eligible, depending on their parents' income, and you made a loan before July 1.

Any and all federal student loans, including PLUS,  qualify, but private loans do not.

You cannot apply as of yet. Student loan payments have been put on hold. You will be able to apply before that hold expires on Dec. 31.

This is not associated with any other loan forgiveness plans available that you may be using.

Even if you are not eligible, at least your payments are on hold until the end of this year.

This loan forgiveness is not taxed at the federal level as other debt forgiveness programs might be. You might need to pay taxes on state or local.

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