President Biden’s executive order on Wednesday will cancel up to $20,000 worth of federal student loans for millions of people. But not everyone with debt will qualify. The order includes rules that will maintain the balances of debtors who currently have high incomes. Those who do qualify will need to navigate the balky federal loan servicing system and keep a close eye on their accounts and credit reports for any mistakes. The order also extends the pause on monthly student loan payments, which means that borrowers won’t have to resume payments until at least January...
Who qualifies for loan cancellation?
Individuals who are single and earn $125,000 or less will qualify for the $10,000 in debt cancellation. If you’re married and file your taxes jointly or are a head of household, you qualify if your income is $250,000 or below. If you received a Pell Grant and meet these income requirements, you could qualify for an extra $10,000 in cancellation.
Which types of debt qualify?
Only federal student loan debt is eligible. Private loans are not.
I’m still a student. Do I qualify?
Yes, but if someone else claims you as a dependent when filing taxes, your eligibility will be based on that person’s income and not your own...
Full story at https://www.nytimes.com/2022/08/24/business/biden-student-loan-forgiveness.html.
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