September 9, 2022
We got a few more details about the student loan forgiveness process and got a few more answers to your questions.
As I have reported, if you financially qualify, the simple application to apply for forgiveness will be available by early October. But there are some things you can do now to prepare.
The Department of Education says you need to log into your studentaid.gov account and make sure your contact info is up to date. If you don’t have a studentaid.gov account you need to make one so you can manage your loans. You also need to make sure your loan servicer has your most current contact information. If you don’t know who your loan servicer is you need to log into your studentaid.gov account and click the loan provider tab.
The Education Department also cleared up a few questions many of you have been asking like…
Does my parent plus loan qualify for debt relief?
Yes. It may be forgiven up to $10,000. If you meet the income eligibility and the parent plus loan is serviced by the Department of Education
What if you have a parent plus loan and your child also got a Pell grant?
If a dependent student received a Pell grant — up to $20,000 in debt relief will be applied to the student’s loan not the parent plus loan.
The other question you have been asking is what if you only got a Pell grant for one semester? Do you still qualify for $20,000 in forgiveness?
As long as you received at least one Pell grant of any amount, you qualify for the up to $20,000 in debt relief for your undergraduate or graduate loans serviced by the Department of Education.
Read more about this from the Department of Education here.
Love how you break it all down I’m an avid follower. Question
Do consolidated loans count. i.e. i had 10 loans that were forced to be consolidated to qualify for Public Service Loans. Do i 20k get off the total or each loan? Thanks Lisa.
What year tax return will they be using
Thank you!!!!! I was hoping this included the parent plus loans.
I am 65 and still work, it’s hard to keep up with everything that is going on in this crazy world right now. You are a blessing Lisa. Have a wonderful weekend!!!
Can we take out a new loan. And get tax forgiveness?
No. These are for existing loans.
What about the ITT TECH student loan forgiveness and for the people that already payed back there ITT TECH loans.
ITT Tech Loans are completely separate. I have a video specifically about those. Please use the search tool on my website and type ITT Tech