As you’ve probably seen by now, the White House announced the details of its student loan forgiveness program.
If you make less than $125k as an individual or less than $250k as a household, then you can have up to $10,000 of federal student loans forgiven. (Private loans don’t count.)
Unfortunately, they’ll use your income from either 2021 or 2020 which means there are no opportunities to manipulate your income to qualify.
More details will be coming, but it also sounds like it will be automatic.
The Department of Education already has your income data, so if you qualify $10k of your student loans will magically disappear.
If you think you qualify but didn’t get your cut you’ll be able to apply through their website.
Lastly, beware of scams.
Announcements like this bring the creeps out of the woodwork, so be on the alert for people calling you for information to “apply” or worse – ask you for money in order to have your loan forgiven.
The Federal Government isn’t going to call, text or email you about this, so maintain a healthy level of suspiciousness.
