Student Loan Debt Forgiveness: What Can You Do Right Now?

As you know, Joe Biden has initiated the process of canceling student loan debt up to $10,000 for eligible borrowers. There is an application process that has yet to be released, and the forgiveness process is unclear at this point. However, there are a few steps you can take right now to get ready:

1. Determine whether your adjusted gross income for 2020 or 2021 is less than $125,000 ($250,000 for married couples).

2. Determine your loan servicer and confirm your contact information is correct: https://studentaid.gov/manage-loans/repayment/servicers

3. Sign up for updates from the Department of Education: https://www.ed.gov/subscriptions

Once you determine your eligibility, have your data confirmed with your servicer, and are set up to receive the latest updates, you should be well-positioned to submit your application when that time arrives.