Am I eligible for Biden's Student Loan Forgiveness Plan?

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For millions of students who are drowning in debt, President Joe Biden approved a proposal to forgive student loan debt.

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He said that if your yearly income is under $125,000, you may be entitled to have up to $10,000 in federal student loans forgiven.

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Up to $20,000 of your debt may be waived if you got a Pell Grant.

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In the weeks ahead, the Biden administration will release an application for borrowers to use if they need to update the department with their income info or if they are unsure if it already has it.

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Repayment on student loans will once more be put on hold until December 31, 2022, with payments set to resume in January 2023.

In December 2021, there were $1.38 trillion in federal student loan balances that were still owed, including those that had already been paid in full.

According to FSA, nearly 8 million borrowers might be eligible for automatic debt forgiveness because the Department of Education already has information about their income.

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On the Department of Education's subscriptions page (ed.gov/subscriptions), borrowers can get more info about loan forgivenes plan.

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