President Joe Biden is working on forgiving student loans again, but this time, there are some changes to the plan. If you have federal student loans taken before June 30, 2022, you might be eligible for loan cancellation. However, there are specific income requirements you need to meet. If you’re a dependent student, your parents’ or guardians’ income will be used to check eligibility. President Biden also proposed a new rule for future repayment plans, but there’s a legal challenge that might delay the loan forgiveness plans.
Breaking News: President Biden’s New Student Loan Forgiveness Plan Offers Up to $20,000 in Debt Cancellation!
Now, let’s talk about which student loans qualify for Biden’s forgiveness plan. Only federal student loans can be forgiven, while private student loans are not eligible. To be eligible, you must have outstanding debt on federal student loans, including parent PLUS loans obtained before June 30, 2022. Your annual income should be less than $125,000 for individuals or less than $250,000 for married couples. If you’re a dependent student, your parents’ or legal guardians’ income will be considered. Whether you completed your degree or not, you can still qualify for loan forgiveness.
Even if you defaulted on your federal student loans, you might still be eligible. Non-Pell Grant borrowers could get up to $10,000 in debt cancellation, and Pell Grant borrowers might receive up to $20,000 in debt cancellation. Make sure your contact information is up to date before applying at the Federal Student Aid website.”
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