There is almost $1.75 trillion — that's TRILLION with a T — in outstanding student loan debt in the United States. People of all ages and walks of life are impacted by student loan debt. In fact, you might be surprised that 22% of that debt is owed by people 50 years and older. Well, no matter your age, student loan forgiveness is now on the table. The Biden Administration recently announced a program to forgive up to $20,000 in debt for borrowers. Today, we're going to talk about who qualifies for this student loan forgiveness program and what you need to do to claim your slice of the pie.

Episode 160: How to Get Student Loan Forgiveness - Webpage with Links.

What's in Biden's student loan forgiveness package?

You might be surprised to learn that Baby Boomers have a lot more student loan debt than you might think. No matter your age, you might be eligible for student loan forgiveness due to the recent move by the Biden Administration.

If you want to get rid of some of that debt, your first step is understanding what's in the student loan forgiveness package. Check out the fact sheet offered by the Biden Administration.

• Up to $20,000 for those with Pell Grant and up to $10,000 for others who qualify.
• Income requirements: Up to $125,000 for single filers, up to $250,000 for joint filers, and those designated Head of Household.
• Other proposals in the package include a new income-driven repayment program, earlier forgiveness for some borrowers, and higher Pell Grant amounts.
• No interest accrual on income-driven plans as long as you're making payments.
• Before you get student loans, make sure to read our article on what you need to know before you borrow.
• We also have a quick primer on how student loans work.
• Check out our article on what you should know as you get ready to resume student loan payments.

Steps for getting student loan forgiveness

If you're looking for forgiveness, our guest has the information, step by step. Some resources mentioned and steps to take include:

• Go to StudentAid.gov and sign up to receive notifications when the forgiveness application opens.
• Double-check your student loan information at the National Student Loan Database System.
• This won't be like other loan cancelations. Chances are, you will need to fill out the application.
• Don't forget about the PSLF Waiver, which is available through October 31, 2022. Learn about the details and how to apply.
• You can apply for a refund for your student loan payments since the CARES Act was enacted. Our guest Robert offers a great article on how to do that.
• Looking for help on student loans? We've got an article detailing getting help with student loans.
• Don't qualify for forgiveness? We have an article on how you can speed up your student loan repayment.

Remember, even though we sometimes talk about money and specific investments on this show, don't take them as recommendations because they're not. Before investing in anything or making any money moves, do your research and make your own decisions.

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