Student Loan Forgiveness: How to Apply Cancel $20K ?

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By: John Derric

student loan debt forgiveness

If you owe money on student loans, as much as $20,000 of that debt could soon be canceled if you meet certain income criteria.

need to apply for forgiveness

borrowers may automatically see their debt forgiven by the Department of Education without taking any additional steps, most will need to apply for forgiveness. We'll explain below.

student loan forgiveness scams

Keep reading to find out if you're eligible for Biden's student loan debt forgiveness plan and how to apply. Additionally, watch out for student loan forgiveness scams by spotting these red flags.

find out you're eligible student loan forgiveness

Biden's plan, the Department of Education will cancel up to $10,000 in federal student loan debt for individual borrowers who make below $125,000 per year

federal Pell grants

You may also be eligible for an additional $10,000 in relief if you received federal Pell grants while enrolled in college.

fill out an application for student loan debt forgiveness

you need to apply for student loan debt forgiveness depends on if the Department of Education already has your income information

When will forgiveness application be available?

the application for student debt forgiveness will go live in early October.

When relief Recieved?

after borrowers complete their applications, "they can expect relief within four to six weeks.

debt forgiveness application

Borrowers are advised to apply by roughly November 15, in order to receive relief before the payment pause expires on Dec. 31."

Federal Student Loan Borrower Updates

ou can choose to be notified when the application becomes available by going to the Department of Education subscription page and signing up to receive "Federal Student Loan Borrower Updates

can't pay your credit card bills on time.

f you can't pay your credit card bills on time. Also, here's what could happen to your credit score if your student loans are forgiven.

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