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.
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:
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.