How do I get my student loans forgiven?

President Joe Biden declared on Wednesday that he will offer Pell Grant recipients $20,000 in debt reduction and $10,000 to many other debtors.

According to the latest federal data, 43 million Americans have student loan debt totaling $1.6 trillion. The individual income limit is $125,000.

Who is eligible for Biden's loan forgiveness program? Federal student loan debt for undergraduate and graduate students who make less than $125,000 annually or who are married and earning less than $250,000 annually will be forgiven up to $10,000. Private loans won't be discharged.

How to obtain loan forgiveness for students The application will be available by mid-October. When the application is ready, borrowers who give their email addresses on studentaid.gov will receive an email notification.

Processing applications can take four to six weeks. Federal student loan repayment suspension expires on December 31. Due to the Department of Education already having access to pertinent income information, nearly 8 million borrowers could be automatically qualified for relief.

Is loan forgiveness available to current students? Loans issued to current students and graduates with undergraduate, graduate, and Parent PLUS loans are eligible, so long as the loans were awarded by June 30, 2022.

What is the typical amount owed on outstanding student loans? the average federal student loan load is $37,667, while the overall average balance (including private loan debt) may be as high as $40,274.