In case you missed it, you can finally apply for student loan forgiveness from the Federal government. Over the summer, President Biden confirmed that his administration would forgive up to $20,000 of student loan debt for qualified borrowers.
In order to receive the full forgiveness amount, you need to have been a Pell Grant recipient. Other borrowers are eligible for up to $10,000 in one-time forgiveness that can be applied to their student loans.
The forgiveness is only applicable to borrowers earning less than $125,000 as individuals or $250,000 as a couple or head of household. The application is incredibly easy to fill out and takes about a minute to complete (we know; we timed it!).
You have until the end of 2023 to apply for forgiveness, but experts say you should fill out the application as soon as possible in case any legal challenges shut the relief process down.
And don't forget, you only have until the end of the month to take advantage of expanded eligibility to receive student loan forgiveness if you are a public servant (also known as the PSLF program).
- Kristin
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