The U.S. Department of Education could get student loan forgiveness set up within weeks. Ashley Byrd shares a few things you’ll need to know if you are hoping to stop paying off that debt.
First- make sure you qualify by checking your tax return. Adjusted gross income must be below $125 thousand a person. How much you get back depends on what kind of loan you have- a Pell Grant for instance can save you 20 thousand, others – 10 thousand. Most student loans are in Federal Direct Loan Program, and eligible. Those include Parent Plus and Grad Loans.
Most important- get the paperwork together now, tax returns, and loan forms, and have those handy. The place to sign up is the US Department of Education website. The deadline to apply will be Dec. 31, 2023.
