In Ohio more than 1.7 million people have student loan debt. Here's how to find out if you're eligible for debt forgiveness.
The other 35 million or so borrowers who qualify will have to wait for an application process, which the Biden administration said would be made available early next month. Borrowers will have to apply before Nov. 15 to receive relief before the payment moratorium expires at the end of the year.
The Department of Education will continue to accept applications even after the end of the payment pause until December 2023, and borrowers can expect relief within four to six weeks after completing the application, according to theAnyone who has continued to make student loan payments since the beginning of the payment pause in March 2020 might want to request a refund to make the most of any debt relief they're eligible for.
A borrower who still owes $5,000 in student loan debt but qualifies for $10,000 in debt forgiveness, for example, couldWhite House pegs student loan plan's cost at $240 billion. Experts say it will be twice that. Borrowers who choose to take this route should ensure they qualify for some level of forgiveness under the plan before requesting a refund from their lender, as any refund will also be added to the total balance of their student debt.
More information will be made available in “coming weeks,” according to the White House. You can be notified when the application is made available by signing up for theIf you live in Ohio, no. Those who are eligible for the student loan forgiveness plan will not have to pay federal taxes on their student debt. Due to a provision in theFor subscribers:
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