How to apply for student loan forgiveness
If you’re one of the nearly 45 million Americans with student loan debt, the news that the Biden Administration will be forgiving student loan debt for some borrowers likely led to one simple question: How do I apply?
First, you’ll want to make sure that you qualify for this student debt relief. According to U.S. Department of Education dataPosted — Updated
Do I Qualify For Student Loan Debt Forgiveness?
The loan forgiveness program does not apply to private student loan borrowers.
If you qualify, your relief will be capped at the amount of debt you have. For example, if you’re eligible for up to $20,000 but only have $15,000 in debt, you will only receive $15,000.
How To Apply For Student Loan Debt Forgiveness
Applications are not open yet, but the Department of Education will be providing the application to apply for loan forgiveness before the pause on federal student loan repayments ends on Dec. 31.
When the application opens, it will explain the next steps you’ll need to take. Because the forgiveness plan is based on income as well as your existing student loans, you’ll likely need to gather documents that prove your household income to apply.
Copyright 2024 Simplemost. All rights reserved.