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For borrowers worried about paying off existing student loans, President Joe Biden’s debt forgiveness plan — announced in August — may have provided some relief.
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Debt relief application forms are expected to be available online during the first week of October on the U.S. Department of Education’s Federal Student Aid site. However, there are things student loan debtors can do to prepare for the application process beforehand.
According to CNBC, being prepared and having all relevant loan information at the ready will help you take advantage of this unique debt relief opportunity without any complications. The following three steps should be taken, according to experts.
1. How Much Student Loan Relief Do I Qualify For?
As CNBC suggested, the first thing you should do is to verify if your income is under the qualifying threshold for debt relief.
Borrowers who earned less than an adjusted gross income (AGI) of $125,000 in either 2020 or 2021 ($250,000 for households) will be eligible for up to $20,000 in cancelled debt from the Department of Education…