If you attend a two-year or four-year public college or university, and earn less than $125,000 per year, you may get student loan forgiveness. Importantly, this would only apply to student loans from college. So, if you have graduate school student loans, then you would not get student loan forgiveness under this plan.It’s possible you may borrow fewer student loans. Why? Biden campaigned on a “free college” plan that Sen. Bernie Sanders and Sen.
Moreover, enrollment in income-driven repayment plans would become automatic, whereas currently you have to enroll. Student loan forgiveness also would become automatic after 20 years, and you would not owe income tax on the amount forgiven.Biden wants to get your public service loan forgiveness sooner. Currently, it takes 120 monthly payments, or 10 years, to get public service loan forgiveness.
I just paid off my loans this year and $8,000 was just interest. At least cancel all interest, they shouldn't be making money off students.
As in good or bad?
How about a tax break on the student loans that were paid in full within “x” past years?
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