Student loan forgiveness is right around the corner as another batch of student loan borrowers are expected to receive help in mid-September.
Student loans are set to be forgiven in mid-September. (Photo: Ramsey Solutions)
Student Loan Forgiveness Is Coming To Help The Second Batch of Student Loan Borrowers In Mid-September
Student loan forgiveness may just be one of the best news any student loan borrower could receive. The Education Department is said to implement student loan forgiveness starting mid-September through waves of notifications after the first batch on July 14. Student loan forgiveness is also only given to individuals that at least made 240 monthly student loan payments. Such relief program for students in debt is done through income-driven repayment account adjustment. Department of Education Under Secretary James Kvaal has also stated that a lot of borrowers had earned student loan forgiveness but have never received it which is unacceptable.
According to a published article in mypanhandle.com, student loan forgiveness will be automatically given to the most eligible student loan borrowers with much older direct loans, or in simpler words, any loan that you have with the Education Department will be put under the list of recipients of student loan forgiveness.
Who Qualifies For The Student Loan Forgiveness?
In a published article in ctmirror.org, one of the qualifications to pass to be able to receive student loan forgiveness is to be a resident or have lived in the state of Connecticut for at least five years, have attended a vocational school or college in the same state, and has an annual income of under $125,000 as an individual and $175,000 for as a couple. The amount being allocated for student loan forgiveness is $39 billion under the new federal plan.
