Student Loan Forgiveness--What's Next?
Shownotes
On August 24, 2022, the Biden-Harris Administration announced a new student debt relief plan that includes student debt forgiveness of up to $20,000. In today's podcast episode, we're talking about what the three parts of this plan includes, some FAQs, and next steps!
We are still awaiting more information, but one additional thing that we've learned since this podcast episode was recorded is that, in order to receive relief, you must apply by December 31, 2023.
Once a borrower completes their application, they should receive forgiveness within 4-6 weeks. In order to receive relief prior to the payment pause expiring on December 31, 2022, be sure to apply before November 15, 2022.
IMPORTANT!! To be notified of when the Department of Education launches the loan forgiveness application, sign up for their email subscription:
https://www.ed.gov/subscriptions
Sources/Additional Reading
The Washington Post: Who qualifies for Biden's plan to cancel $10,000 in student debt?
StudentAid.Gov: The Biden-Harris Administration's Student Debt Relief Plan Explained
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Disclaimer: The content and information provided on this podcast is for educational purposes only and does not constitute professional mental health, financial, legal, or tax advice. For recommendations on your specific financial situation, you must additionally seek the services of an appropriate licensed mental health, theraputic, legal, accounting, tax, or investment professional.
Music written by Chris Glassman