People who owed less than $10,000, or $20,000 if you received a Pell Grant, can stop making loan payments, assuming they apply for and receive federal loan forgiveness on or after Dec. 31, 2022, when the forgiveness application goes live.
President Biden's plan to cancel up to $20,000 in student loans will impact people in different ways, but for some, it will have no impact at all.President Joe Biden helped alleviate some of the pain felt by millions of Americans with student debt Wednesday after announcing $10,000 in debt, or $20,000 if you received a Pell Grant, will be wiped away.
If you're approved for forgiveness and still have a balance, you will have to start payments on the leftover loans in January 2023.How do I get my students loans forgiven? Qualifying for Biden's debt relief, explained. But borrowers have to contact their loan servicer to request a refund, according to the department's announcement.If you did make payments during the loan payment pause, remember that Biden's new loan forgiveness is capped at yourThat means you would first have to get any payments you made during the pandemic refunded by your loan servicer, which would return your loan balance to its prior amount.It sounds complicated, but you could end up maximizing your loan forgiveness amount.
In his announcement Wednesday, Biden said the COVID-19 moratorium that paused student loan payments would be extended one last time to Dec. 31. Payments will start again after that date. For some types of loan repayment plans, balances would be forgiven after 10 years of payment instead of 20. And, the rule would fully cover the borrower’s unpaid monthly interest, so a borrower’s loan balance wouldn't grow if they are making required payments.
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