Checking your eligibility for student loan forgiveness
JACKSON, Tenn. — Current students and college graduates might see relief for their student loans.
The Biden Administration announced a program to forgive those loans through the Public Service Loan Forgiveness Program.
Rebecca Reeves at the University of Memphis Lambuth Campus says if eligible, each person could receive several thousand dollars.
“Students who have received federal Pell Grants are eligible of up to $20,000 in student loan forgiveness,” Reeves said. “Students who did not receive a Pell Grant, could receive up to $10,000.”
For individuals with student loans, those that have an annual income less than $125,000, as well as married couples who fall below $250,000 are eligible.
Reeves says to take a closer look, there is a website that can help.
“Students would just need to go to studentaid.gov and check on that. That is also a great resource to be able to check out your student loans, see how much you owe, and what type of loans that you have,” Reeves said.
This website is also where individuals can find the application to enter into the forgiveness program.
“The application for student loan forgiveness will open around the first of October,” said Reeves. “They are asking for people to have that completed by November 15 to see if they are eligible for this new program.”
Senior Shelby Rochelle says this is going to change her future in a big way.
“A lot of people, they have to worry about paying off their student debt before they can get married, a lot of things,” Rochelle said. “Buying a house, buying a car, that is like the first thing they worry about is their student debt, so I think it is great.”
And her next step is to sign up.
“I definitely think about planning on it, looking into it more, now that I have heard about it,” said Rochelle.
Once the application is complete, borrowers can expect relief between four to six weeks.
Currently, student loan payments have been paused until December 31 of this year.
For more information on the loan forgiveness program, click here or call Rebecca Reeves at (731) 425-1950. You may also contact the college you graduated from for more details.
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