Check out the Federal Student Loan Debt Relief, Who qualifies for student loan forgiveness 2023? US President Biden gave updates on student loan forgiveness in which students are required to be eligible.
After a federal court allowed a landmark settlement agreement to move forward, the Biden administration issued an update to notify borrowers that they are eligible for student loan forgiveness and other debt relief.
Without any further delay let us know what are the eligibility criteria for student loan forgiveness or debt relief.
Who qualifies for student loan forgiveness in 2023
Here’s a quick overview of who is eligible for USA President Biden’s student loan forgiveness plan:
- $10,000 for federal student loan borrowers who have not obtained a Pell Grant. However, this only applies to individuals earning less than $125,000 per year or couples earning less than $250,000 per year.
- $20,000 for federal student loan borrowers who receive Pell grants
- According to the Department of Education, the vast majority of federal funding for student loan relief is about 90% going to borrowers no longer in school and earning less than $75,000 per year.
If you fall into one of these categories, you may be eligible to apply for forgiveness through the online federal student aid forgiveness application.
In addition to these potentially comprehensive loan forgiveness programs, there are also student loan forgiveness programs already available to borrowers who meet some specific employment and payment criteria.
Note that most of these programs only apply to federal loans. There are also strict qualifications if you want to pay off any part of your loan.
How do I apply for student loan forgiveness?
Here are the steps on how to apply for student loan forgiveness:
- Go to the Federal Student Aid portal.
- and create an account and log in using the login credentials.
- Now, select the program you want to apply for.
- Fill out the required information in the application form and attach the documents.
- Proof of employment with a qualifying employer
- Proof of income
- Proof of student loan payments
- tax returns, or medical records.
- After that, your application will be reviewed by the Department of Education. You will have to wait for the review to go through.
How long will it take to receive student debt relief?
It can take a long time for your loan forgiveness to be approved. Because receiving student loan relief depends on the program you’re applying for.
If you want to know more updated information about government loans and grants, click to read and share this article with your friends.