Would you be eligible for student loan forgiveness? What we know so far?
The Biden administration is considering a variety of options for cancelling student loan debt.
The biggest unknown is how much debt it will relieve, if any. But there’s also the question of who would get the relief.
Some of the proposals have proposed denying relief to those who earned more than $125K or $150K as individual filers in the past year.
It would also forgive Parent PLUS loans for parents and FFEL loans, which are federal loans held by private entities.
There are around 6 million Americans who hold private student loans, according to Kantrowitz. But They are also likely won’t be included in the relief.
Borrowers with income data on file with the Education Department may see their loans automatically cancelled within a few months.
Others may have to self-certify their income, which could lead to a longer wait time.