Is Student Loan Relief For You?

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  Posted By
  Victoria Stephens

• Published On
  Sat, September 3rd

• Reading Time
  4 Minutes

Tens of millions of Americans are saddled with student loan debt, and for many of them, the burden is simply too much to bear. In fact, studies have shown that student loan debt can lead to depression and anxiety, as well as financial difficulties.

You may have heard a lot about student loan debt and student loan debt forgiveness. It has become a hot political talking point of the last year and will continue to be a point of contention.

A lot of questions may arise; am I eligible? How much am I eligible for? What do I need to do in order to claim? How long will it take?Here we will try and cover some of these answers.

Who is eligible?

• Around 8 million Americans are eligible
• Borrowers who received Pell Grants and meet the income limit
• Borrowers who earned less than $125,000 a year (or married couples earning less than $250,000)

How to claim?

On November 15th, the government will be forgiving $10,000 or $20,000 in student loans for those who qualify. This is an incredible opportunity for those who are struggling to make ends meet, and it could be a life-changing event. The Nov. 15 date is critical because it's the deadline for applications for the Public Service Loan Forgiveness program. Borrowers who don't submit their paperwork by that date won't be able to have any of their loans forgiven under the program, which is aimed at encouraging people to enter lower-paying public service jobs.

If borrowers don't apply by Nov. 15, they will have to wait longer for their loans to be forgiven and will enter repayment before they are forgiven. Worst case scenario they will have more than a year to still apply all the way up until Dec. 31, 2023.

Once a borrower completes the application, they can expect relief within 4-6 weeks.