President Joe Biden announced  Student Loan Forgiveness up to $20,000 in debt for eligible Americans.

Student loan forgiveness application won't be ready until October 2022.

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Loan Forgiveness

According to a White House officials, borrowers will receive relief four to six weeks after applying.

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Borrowers should apply by Nov 15, to receive assistance before the suspension of student loan payments expires on Dec 31.

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According to the Education Department, roughly 27 million borrowers are eligible for some student loan forgiveness.

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For Borrowers who got Pell Grants and annual income of less than $125K for individuals and $250K for married couples.

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Loan Forgiveness $20,000

Its  available for people who didn't get Pell Grants but income less than $125,000 as an individual or less than $250,000 as a married couple.

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Loan Forgiveness $10,000

Loans held by students who are currently enrolled in school may also be forgiven.

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Only student debts with federal backing are eligible for forgiveness.

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Loan Forgiveness

As per information Private bank and lender loans are not acceptable in this forgiveness scheme.

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Loan Forgiveness

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