Student Loan Forgiveness Application Is Now Live: Here is How Can You Apply

The U.S. Government has launched the website where people with student loans can apply for as much as $20,000 in loan forgiveness.

Individuals who earned under $125,000, or households that made under $250,000, in 2021 or 2020 qualify for up $10,000 in forgiveness. Those who fall within those income thresholds and received a Pell Grant are eligible for an additional $10,000 in forgiveness.

The application takes just a few minutes to fill out and is considered easy to use.

Although there are several legal challenges to President Biden’s executive action which he first announced in August, the Department of Education is expected to begin forgiving debts as early as November.

The deadline to apply for forgiveness is December 31, 2023 but borrowers who want to be forgiven prior to January, when student loan payments are expected to resume, should apply by November 15.

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  1. Republicans don’t want this. If you are a Republican and owe lots of money on your student loan, ignore this plan. It may take you your entire life to pay off the loan, but you’ll have the satisfaction of telling the Democrats “stop wasting our tax money!”

  2. I don’t think anyone understands that loan forgiveness comes with a 20%-30% tax bill on the year in which it was forgiven. If you get forgiveness on $18,000 of student loan debt, your combined tax liability for your 2022 taxes would be between $3,600 and $6,000 depending on your tax bracket and your state and city of residence.

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