Biden announces  Students loan debt 2022

Swipe for FAQs

Who qualifies for student loan cancellation?

Students who are single and earn upto $125,000 will qualify for the $10,000 in debt cancellation and if you’re married and are a head of household, you qualify if your income is $250,000 or below.

Are ongoing students eligible?

Yes they are, but if someone else claims as a dependent when filing taxes, eligibility will be based on that person’s income. 

What type of debt qualifies?

Student loan forgiveness is for fedral students only. So, private loans are not.

What if someone can’t afford to pay loans? What are options?

Struggling borrowers can go for for an income-driven repayment plan, where the payment amount is tied to your income and can be as low as $0. After making payments for a set period of years — usually 20, sometimes 25 — whatever balance is remaining is forgiven.

How can you get help choosing the best repayment plan?

Besides your servicer, groups like the Institute of Student Loan Advisors, known as TISLA,  provides you free guidance on what options may work best for you.

Is there any chance of reversal of the order?

 It is not clear who would have the standing to bring a lawsuit, though there may be attempts anyhow.

Will debt relief become a regular thing??

The federal government has done little to make college more affordable. There are a variety of Band-Aids that can be applied after students have accumulated more debt than they can handle. So, don't count it.

When will student loan payments resume?

Payments are expect to resume from  September 01, 2022.

Fully Funded Scholarships Without ILETS