GREENSBORO, N.C. — 2 Wants To Know has three things to know about the new student loan forgiveness you need to keep in mind.
#3 “Up to”.
You're hearing this a lot, "up to". In President Biden’s new student loan forgiveness plan borrowers can get up to $20,000 or up to $10,000 in student loan forgiveness.
What does that mean?
The example from the Federal Student Aid website is:
If you're eligible for $20,000 in debt relief but your balance is $15,000, you will only receive $15,000. You don't get to keep the extra $5,000.
#2 Student loan forgiveness is only for folks who make $125,000 or less a year as a single person. How do prove to the government you meet the requirement?
“What's interesting is the government says, hey, for 8 million borrowers, we've got your income information. It will happen automatically. I would not count on that. What you need to do is go to studentaid.gov/debtrelief. By the way, be patient. That site crashed yesterday. It was very pokey this morning,” said Jill Schlesinger, CBS News Business analyst
Yes, Studentaid.gov has been slow, but millions of Americans have been going on there to get information, what do you expect, right?
#1 Information. Don’t miss any of it.
Everyone wants to make sure they get what is coming to them. The best way to do that is to know all the information when you need to know it is to sign up for emails from the Department of Education. The site calls it a “subscription”.
There is a whole list of topics you can get a subscription for. The top one is Federal Student Loan Borrower Updates.
You simply put your email in, and all the emails from the federal student load office come to you.