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Although President Biden announced he would forgive up to $20,000 in debt on many college loans, not everyone qualifies. You have to jump through some hoops.

You have some time. You have up to the end of next year to apply. Here’s what you need to know:

1). The application process is now open. You will need to go to these sites:





Frequently Asked Questions:




From there, follow the directions.

2). Find out if you qualify for the Public Student Loan Forgiveness Plan. “Borrowers who are employed by non-profits, the military, or federal, state, Tribal, or local government may be eligible to have all of their student loans forgiven through the Public Service Loan Forgiveness (PSLF) program. This is because of time-limited changes that waive certain eligibility criteria in the PSLF program. These temporary changes expire on October 31, 2022. For more information on eligibility and requirements, go to PSLF.gov,” according to the US Dept. of Education. Of course, not everyone qualifies, but find out if you can obtain forgiveness. Thousands of workers for non-profits and government agencies do.

3). Do you meet the basic requirements? These are the guidelines:

  • To be eligible, your annual income must have fallen below $125,000 (for individuals) or $250,000 (for married couples or heads of households).
  • If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20,000 in debt relief.
  • If you did not receive a Pell Grant in college and meet the income threshold, you will be eligible for up to $10,000 in debt relief.

4). What if you don’t qualify for forgiveness? See if you qualify for income-based repayment. “Income-based repayment plans have long existed within the U.S. Department of Education. However, the Biden-Harris Administration is proposing a rule to create a new income-driven repayment plan that will substantially reduce future monthly payments for lower- and middle-income borrowers.”

Keep in mind that all of these programs only apply to federal loans. With private loans, you will have to talk to the lender. The Biden Administration’s pledge to reduce student loan debt is a work in progress, so do your homework and fill out the forms you need to make things happen.


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