Jhe subject of student loans has been a topic of debate for state officials across the United States for years.
With the current estimated borrowing total for student loans currently pegged at $1.75 trillion, calls for some type of loan forgiveness have been growing for years.
In August of last year, the President of the United States Joe Biden announced a student loan relief plan that would write off up to $10,000 for those earning $125,000 or less a year, up to $20,000 for those on Pell Grants.
“Getting a college degree or certificate should give every person in America a head start in securing a bright future. But for too many people, student loan debt has hampered their ability to fulfill their dreams, including buying a home, starting a business, or supporting their family.
“Getting an education should set us free, not tie us down! That’s why, from day one, the Biden-Harris administration has worked to fix broken federal student aid programs and offer relief to borrowers,” the US Secretary of Education said. Miguel Cardona said in an official press release at the time of the announcement.
Student Loan Forgiveness Calendar Dates
Here are some of the important dates to keep in mind regarding the student loan forgiveness process:
1. October 31, 2022
If you don’t meet the eligibility criteria for Biden’s student loan forgiveness plan, you could still qualify for the Civil Service Loan Forgiveness Program, whose Oct. 31 deadline is fast approaching. not.
2. November 15, 2022
As the process can take up to six weeks, borrowers should apply for their loan forgiveness by November 15 to ensure their balance is either reduced or cleared before payments become due again on during the new year.
3. December 31, 2022
The current pause on student loan repayments expires on December 31, 2022.
4. December 31, 2023
This is the last day one can apply for student loan relief.