![]() ![]() Officials said that the “goal” is to begin to get the debt relief processed ahead of next January, when student loan payments will begin after a multi-year freeze amid the Covid-19 pandemic. The income thresholds are based on adjusted gross income.Īfter submitting the application once the website officially launches, most qualifying borrowers are expected to receive debt relief within weeks. ![]() Individuals who earned less than $125,000 in either 2020 or 2021 and married couples or heads of households who made less than $250,000 annually in those years are eligible for up to $10,000 of their federal student loan debt forgiven. Here's what you need to knowīorrowers whose federal student loans are guaranteed by the government but held by private lenders, many of which were made under the former Federal Family Education Loan program and Federal Perkins Loan program, are currently excluded – unless a borrower applied to consolidate those loans into Direct loans by September 29. In addition to federal Direct Loans used to pay for an undergraduate degree, federal PLUS loans borrowed by graduate students and parents may also be eligible if the borrower meets the income requirements.īiden's student loan forgiveness application is coming soon. This testing period will allow the Department to monitor site performance through real-world use, test the site ahead of the official application launch, refine processes, and uncover any possible bugs prior to official launch.”īorrowers must have federally held student loans to qualify. The spokesperson continued, “Those borrowers will not need to reapply if they submit their application during the beta test, but no applications will be processed until the site officially launches later this month. Once processing begins, most qualifying borrowers are expected to receive debt relief within weeks. Have you applied for Biden's student loan forgiveness? Tell usĪnyone who applies for the debt relief in the beta period will receive a confirmation email, but their application will not be processed until the site formally launches, expected at a to-be-announced date before the end of October. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
January 2023
Categories |