Understanding Student Loan Forgiveness Programs

Two of the most popular debt cancellation avenues are the Public Service Loan Forgiveness program and the income-driven repayment plans. How to know when and if your turn will come. After Biden praises progress on inflation, economists weigh in. If you're not enrolled in a program that leads to student loan forgiveness, you can find "great information" on the U.S. Department of Education 's website. Mayotte said students should "read all the things.

" They can also contact their loan servicer to talk about their potential eligibility and steps they may have to take to qualify. Those plans, which cap a borrowers' monthly bill at a share of their discretionary income, lead to debt erasure after 10 to 25 years of payments. There are currently four different plans, each with different rules. "Many are offered by states looking to encourage certain types of employment, such as health care and public defenders," she said. The administration could roll out that "Plan B" program before November, and as many as 10 million people could benefit, according to The loan forgiveness programs can be confusing and many borrowers have run into walls trying to access the relief to which they're entitled. Given those difficulties, once you know the student loan forgiveness plan you're pursuing, experts recommend keeping a record of the requirements you've met along the way. For example, borrowers in the Public Service Loan Forgiveness program are required to make 120 qualifying payments

Source: Education Headlines (educationheadlines.net)

Student Loan Debt Cancellation Forgiveness Program Income-Driven Repayment Eligibility Qualification

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