Student loan forgiveness is coming: How to prepare for it

Student loan forgiveness is coming: How to prepare for it

President Joe Biden’s student loan forgiveness initiative is right around the corner.

About 8 million student loan borrowers are likely to get up to $10,000 of their federally-held student loan balances forgiven.

This has come as a major relief to millions of borrowers saving their monthly student loan payments.

The Department of Education requires you to fill in your information for eligibility. The application will be available in early October.

The government said details on how to apply will be released in the coming weeks.

Once your application is in, your debt is expected to be canceled within 4 to 6 weeks.

Some borrowers may have their debts automatically forgiven.

Scammers may try to exploit you. Ignore all messages that are not directly from the Department of Education or your student loan servicer.