The U.S. Department of Education has started accepting applications from student-loan borrowers for debt relief. But availability is limited.
The Biden administration’s student loan relief plan is expected to wipe out the debt of 1 million or more Californians. Here’s who is eligible and for how much forgiveness.The department said it will email you to confirm that it received your application. If it needs more information, such as proof of your income or your parents’ income, it will ask for it. And if the department determines that you do not qualify, it will contact you with the bad news.
The relief is expected to arrive before federal student loan payments, which were put on hold during the pandemic, are set to resume in January. Your servicer or servicers will let you know what your new balance is and, if you have remaining debt, what your monthly payment will be. If you’re on an income-driven repayment plan, your income, not the amount you owe, will dictate your payment amount. If you are on a standard payment plan, the department said, your servicer will reduce your monthly payments to reflect the lower balance. You can opt to write a bigger monthly check to pay off the loan faster and reduce the amount of interest you’ll pay over the life of the loan.
Again, if you don’t qualify automatically for relief, you have until the end of 2023 to submit an application form. The longer you wait, the longer you delay any reduction in your monthly payments.
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