AND CONTINUES TO BE ONE OF THE MOST CELEBRATED MEXICAN AMERICAN ARTISTS OF ALL TIME.
SHANNON OGDEN: ALL RIGHT. IF YOU’VE BEEN ANXIOUSLY CHECKING YOUR INBOX FOR AN
scroll down to get file
UPDATE ON STUDENT LOAN FORGIVENESS, YOU ARE NOT ALONE. THE DEPARTMENT OF EDUCATION
SAYS THOSE APPLICATIONS WILL GO LIVE THIS MONTH. DENVER SEVEN’S JESSICA PORTER BREAKS
DOWN HOW YOU CAN PREPARE. LISA HIDALGO: WHEN YOU HEAR THE WORD STUDENT DEBT RELIEF,
YOU MAY BE TEMPTED TO THINK THAT ALL OR EVEN SOME OF YOUR DEBT WILL JUST MAGICALLY
DISAPPEAR. BUT UNFORTUNATELY, THE PROCESS IS JUST BEGINNING.
YOU’RE GOING TO HAVE TO APPLY AND GET APPROVED FOR DEBT RELIEF.
SO FIRST, GATHER ALL THE DETAILS ON YOUR INCOME.
THERE IS A POTENTIAL OF GETTING UP TO $20,000 IN
FEDERAL STUDENT LOAN DEBT RELIEF TO QUALIFY A SINGLE
BORROWER MUST MAKE LESS THAN $125,000 PER MARY BORROWER
MUST MAKE LESS THAN $250,000 PER YEAR TO GET ADDITIONAL
$10,000 IN STUDENT LOAN DEBT RELIEF. YOU MUST BE A PELL
GRANT RECIPIENT. AND HERE’S SOMETHING YOU MIGHT HAVE
MISSED SINCE PRESIDENT BIDEN ORIGINALLY ANNOUNCED HIS PLAN
LAST WEEK, THE DEPARTMENT OF EDUCATION QUIETLY CHANGED TO
QUALIFIES. EXCLUDING THOSE WHO HAVE FEDERAL STUDENT LOANS
THAT ARE ACTUALLY HANDLED BY
PRIVATE BANKS. SO THOSE WITH LOANS THAT ARE THE FEDERAL
FAMILY, EDUCATION LOANS AND PERKINS LOANS CAN NO LONGER
APPLY TO CHECK WHAT TYPE OF LOANS THAT YOU HAVE OR IF
YOU’RE A PELL GRANT RECIPIENTS, YOU CAN GO TO
STUDENT AID, DOT GOV. THAT’S ALSO WHERE YOU’LL GET UPDATES
ON WHEN THE APPLICATION GOES LIVE. NOW THE DEADLINE TO
APPLY IS AROUND NOVEMBER 15TH. AND THAT’S IMPORTANT BECAUSE
IT’S GOING TO TAKE ABOUT 6 WEEKS TO PROCESS YOUR
APPLICATION. SO HOPEFULLY YOU ARE APPROVED BEFORE STUDENT
LOAN REPAYMENTS START ON
JANUARY. 1ST AND IT’S
IMPORTANT TO NOTE THAT THERE
HAVE BEEN 3 LAWSUITS FILED
AGAINST STUDENT LOAN
FORGIVENESS.
Student Loan Forgiveness: Who Is Eligible And How To Apply
hopeful news for some of the 43 million Americans who owe money on their student loans a new federal government program will soon kick in it could forgive up to twenty thousand dollars in debt per borrower NBC’s Stephanie goska is here to break it down Steph good morning so let’s start with the basics who’s eligible yeah I mean this is a big deal for a lot of people right I mean it’s Federal Loan so no private loans but that’s the majority of people who have these loans people who are eligible if
you are single and you made less than 125 000 in 2020 or 2021 you’re eligible
if you are married and filed jointly that threshold goes to 250 000. so how
much relief can you get with this okay so if you have a Pell Grant and those
are those grants that were given to people that showed they had Financial
need for them together with a Federal Loan you can get up to twenty thousand
dollars and that’s a lot the average borrow is at 29 000 right now if you
have a Federal Loan just the Federal Loan it’s up to ten thousand that you
can get so how do you apply is it open for business the low forgiveness okay
well this is the thing this is kind of a soft launch a little bit they’re not
actually processing these applications until later on this month so you can go
on and fill it out it takes about five minutes the important thing to know is
that you know that pause on payments ends in December what the federal
government says is that if you want relief before then you have to apply by
mid-november November and it will be up and running for real and they hope to
process claims within six weeks but if you get on say like today even though
it’s a soft launch that application will still work you don’t have to resubmit it
absolutely Savannah you don’t have to resubmit it it takes about five minutes
and looks pretty straightforward okay cool thank you
