Requirements for Biden's debt relief and How to  get Forgiven?

President Joe Biden declared on Wednesday that he will offer Pell Grant recipients $20,000 in debt reduction

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He will also provide $10,000 in debt relief to many other borrowers

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According to recent federal data, 43 million Americans have student loan debt totaling $1.6 trillion.

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The individual income limit for Biden's proposal is $125,000.

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How do I Apply for Debt Relief?

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Ans- You can't just yet.

Who qualifies for Biden's student loan forgiveness?

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For borrowers making under $125,000 per year, federal student loan debt for undergraduate and graduate students should be forgiven up to $10,000.

Who qualifies for Biden's student loan forgiveness?

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Private loans will not be forgiven.

Who qualifies for Biden's student loan forgiveness?

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Low-income students who borrowed money under the Pell Grant program are eligible for up to $20,000 in debt forgiveness. .

How to get student loan forgiveness?

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The Education Department claimed that since it already has information about the income of roughly 8 million borrowers, their loans are likely to be automatically forgiven.

How to get student loan forgiveness?

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The applications for loan forgiveness must be submitted by the remaining borrowers "no later" than December 31.