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Everything you should know about student loan cancellation

With the Biden Administration's announcement of student loan forgiveness, I am sure many of you have questions about how to go about taking advantage of this money. I am definitely excited to get rid of my student loans!

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Read below to have your questions answered, and I will keep you updated on where to find the application when it is released.

How much debt relief will be given?

  • Pell Grant recipients will be given up to $20,000 in debt relief

  • Borrowers with loans held by U.S. Department of Education will be eligible for up to $10,000 in debt relief if their individual income is less than $125k (or $250k for households)


Which loans are eligible?

Will they apply the relief to higher interest loans first?

Will my loan forgiveness be taxed?

How do I apply for student loan forgiveness?

How will the loan forgiveness be applied if I have multiple loans?

What if I continued to make payments during the COVID-19 payment forbearance?

Is there a due date for the student loan forgiveness application?

More info can be found at: https://studentaid.gov/debt-relief-announcement/one-time-cancellation


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