Biden’s Student Loan Forgiveness

https://studentaid.gov/manage-loans/forgiveness-cancellation

First of all, this website is a fantastic resource for anyone interested in the process. It is “studentAid.gov” which is an Office of the U.S. Department of Education. I.e. this info is straight from the horse’s mouth.

There are 2 forgiveness routes, according to “StudentAid.gov”:

“You're eligible for student loan debt relief if your annual federal income was below $125,000 (individual or married, filing separately) or $250,000 (married, filing jointly or head of household) in 2021 or 2020.

• $20,000 in debt relief: If you received a Pell Grant in college and meet the income threshold, you'll be eligible for up to $20,000 in debt relief.

• $10,000 in debt relief: If you did not receive a Pell Grant in college and meet the income threshold, you'll be eligible for up to $10,000 in debt relief.”

I assume it’s much more complex once you dig a little deeper, but this info is a terrific jumping-off point.

While you’re eliminating a nice chunk of your student loan debt, remember that the government offers other debt elimination benefits via the Bankruptcy Code! You could parlay your student loan forgiveness with bankruptcy debt forgiveness and have a true fresh start — Chapter 7? Chapter 13? Click on those links to find out how BOTH can help eliminate your debts!

Call/Text/Email bankruptcy attorney Lucas Ruffing for a free consultation to see what benefits you qualify for.

Congrats on the Student Loan Forgiveness!

Lucas Ruffing
Attorney
740-815-1114 (call/text)
LucasRuffingLaw@gmail.com