$20000 Student Loan Forgiveness Checks Sent By Mail: Who’ll Receive?
Anyone who still owes money on their student loans in 2021 or 2020 and made less than $125,000 is eligible for forgiveness.
For a family, this amount is $250,000. People who went to college with a Pell Grant can get as much as $20,000.
But for the rest, each borrower will have to pay $10,000. But some people with federal loans won't be able to get help.
The Office of the
Department of Education
said that combining federal student loans not held by ED into Direct Loans does not provide one-time debt relief.
More than 4 million people in the United States are said to have borrowed money from private lenders, as reported by Politico.
According to the White House, nearly 26 million Americans have applied for relief, and 16 million of them have been approved.
Also, about eight million student loan borrowers are getting emails telling them that their loans will be forgiven automatically.
In the meantime, Republicans all over the country have spoken out against Mr. Biden's plan to forgive some student loans.
Keep in mind that if you still owe money on your student loans after they have been forgiven, you will have to start making payments again in January.