The timeline for processing the application should clear borrowers to see their amount forgiven before the interest pause expires on Dec. 31.
President Biden laid out details of the Student Loan Debt Plan, forgiving $20,000 of debt for Pell Grant recipients and $10,000 for all other student loan borrowers. The payment pause has also been extended one more time through December 31, 2022.
"Once the borrower completes the application, they can expect relief within four to six weeks," Ramamurti said. "So borrowers are advised to apply by roughly November 15th in order to receive relief before the payment pause expires on December 31st."Borrowers can sign up atNot everyone who is eligible for loan forgiveness underThe Education Department already has income data for about eight million people, which is about 20% of borrowers, Ramamurti said.
"That means, practically speaking, compared to the previous year, 1.7 trillion more dollars are coming into the Treasury than are going out. And we’re using a portion of that — a very small portion of it — to provide relief to middle-class families, consistent withBiden’s plan includes forgiving $10,000 in federal student loan debt for those with an income less than $125,000 individually or $250,000 for a family.
Another aspect of Biden’s reformed income-based repayment of federal student loans. Borrowers who have undergraduate loans can cap repayment at 5% of their monthly income, down from a previous 10%.
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