Student Loan Relief Application Is Live — But There Are Deadlines
(AmericanProsperity.com) – The White House has finally launched its college debt relief program, opening the doors for approximately 40 million Americans to erase much of their burden. Individuals who earned less than $125,000 last year or in 2020 and families that brought in less than $250,000 during that time, can wipe away $10,000 of student debt. Those who received Pell grants can erase up to $20,000 each.
President Joe Biden called the move a “game-changer.”
JUST IN: Pres. Biden unveils website for federal student loan debt relief application.
— ABC News Politics (@ABCPolitics) October 17, 2022
The process is quick and simple. Fill out the form before December 31, 2023, and provide proof of income by March 31, 2024. Incomplete applications or missing verification information will render applicants ineligible for this benefit.
Some people might also qualify for retroactive payments. Those who continued to pay their student loans during the freeze (between March 13, 2020, and December 31, 2022) will also receive refunds on that money. People who also applied for Public Service Loan Forgiveness might see adjustments to their discharges. Those who’ve made at least 120 payments could see refunds on some of those payments. The $10,000 and $20,000 caps still apply, so people who made payments but owe more than their relief amounts won’t see those funds returned.
Funds from Perkins loans and Federal Family Education Loans, which came through private banks, aren’t eligible for relief. Also, individuals who consolidated their loans before March 13, 2020, won’t be able to recoup any payments they made before consolidating.
As Americans flock to apply for relief, scammers are also searching for easy victims. Debt relief schemes might look like the real deal, so it’s important to stay vigilant and apply only through the government’s official website. Anyone who suspects a scammer has targeted them should contact the FTC and file a report.
~Here’s to Your Prosperity!
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