Pres. Biden fulfilled one of his campaign promises and announced a plan to cancel student loan debt for millions of Americans. For those who don't qualify or will still have student loans left, options are still available to reduce their debt.
August 26, 2022, 4:01 AMNew graduates walk into the High Point Solutions Stadium before the start of the Rutgers University graduation ceremony in Piscataway Township, N.J., May 13, 2018.The plan, announced Wednesday, forgives up to $20,000 for borrowers earning less than $125,000 a year, will either wipe out the debt for millions of people, severely reduce the amount for individuals who still owe or barely scratch the surface of how much a person owes to their loan provider.
For people who don't qualify for Biden's loan forgiveness or will still have student loans left, options are still available to reduce their debt.People who work for the federal government could have a government agency repay their student loans., a government agency may pay a maximum of $10,000 of an employee's loan in a year or a total of $60,000 per employee during their time at the said agency.
The program forgives a borrower's remaining loan balance after making 120 on-time monthly payments for 10 years. Individuals must have received the loan under a federal direct loan program, as other programs don't qualify for PSLF. People who thought they were making qualifying payments while receiving their loan from another federal program have until Oct. 31 to receive credits for payments that didn't qualify under PSLF.
New graduates walk into the High Point Solutions Stadium before the start of the Rutgers University graduation ceremony in Piscataway Township, N.J., May 13, 2018.
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