I hope you're sitting down because I am about to tell you something that will blow your mind! Did you know there is a way for students with federal student loans to have their debts forgiven? It's true - the government has set up an application process available right now until December 31, 2023 where people can apply and potentially get $20k off of what they owe. The catch: You need to qualify based on some very specific criteria (check the Federal Student Loan Debt Relief Forgiveness site here).
It sounds incredible right now but before we dive into how this works let’s take one more step back...What exactly do we mean when we talk about student loan debt in America?
In Short
We are in the midst of a student loan crisis. The average American household with student loan debt owes about $49,000 - but around 1 in 10 owe more than $100,000. Living with this kind of debt can be incredibly difficult and feel almost impossible to get out from under - especially when you're barely scraping by as it is.
The weight of this debt affects all aspects of life, from being able to buy a house or save for retirement, to put off having kids or getting married. The long-term effects are still unknown, but what we do know is that this crisis is only getting worse. In the past decade, student loan debt has increased by a whopping 70%.
There are a few key reasons why this is happening:
- The cost of education has been increasing faster than the rate of inflation for quite some time now. In the last 30 years, tuition at public colleges and universities has more than doubled. And it's not just tuition - the cost of books, room and board, and other associated expenses have also gone up.
- Wages have been stagnating for many Americans. This means that even though the cost of education has gone up, people's incomes have not kept pace. This leaves more and more people struggling to make ends meet, and taking on large amounts of debt just to get by.
- The job market has changed dramatically in recent years. In the past, a college degree was pretty much a guarantee of getting a good-paying job. But now, with automation and other changes in the economy, that is no longer the case. This leaves recent graduates struggling to find jobs that will enable them to pay off their loans.
- The government has been cutting back on financial aid. In the past, students could rely on things like grants and subsidized loans to help pay for school. But now, with budget cuts and changes in the financial aid system, that is no longer the case. This leaves students with even fewer options when it comes to financing their education.
Control What You Can Control
- Make sure that you understand your loans and know what you're signing up for. Far too many people take out loans without really understanding the terms and conditions. This can lead to all sorts of problems down the road, so it's important to be as informed as possible.
- Try to limit your borrowing as much as possible. If you can pay for school with savings or scholarships instead of loans. This will help you avoid accruing too much debt in the first place.
- Make sure you are aware of all the repayment options available to you. There are now many different repayment plans available, and it's important to choose the one that best fits your needs. You can also look into options for deferring or consolidating your loans.
- Try to keep up with your payments. If you're struggling to make your payments, contact your loan servicer and see if they can help you out. Many organizations can help you with your student loans, so don't be afraid to reach out for help.
- Remember that you're not alone. There are millions of Americans struggling with student loan debt, and you are not alone in this fight. There are many resources available to help you manage your debt and get back on track.
How Does Federal Student Loan Debt Relief Program Work?
The program is in the beta stages right now, which means that it is still being tested and refined. That being said, They CLEARLY don't know yet...
The basic premise is that if you did not receive a Pell Grant, you may be eligible for up to $20,000 in forgiveness. If you did receive a Pell Grant, you may be eligible for up to $10,000 in forgiveness.
To apply, you must have your 2020 and/or 2021 taxes complete. This is where Enyka Gaines (Being the Change LLC) comes in. With over 25 years of experience, she can help make sure your taxes are done correctly so you can get the most money back possible.
Income Requirements and More
If you're thinking about applying for the program, there are a few income requirements and other eligibility criteria that you'll need to meet. For more information, please visit check here.
Change Wrap Up
Time is of the essence! If you have a federal student loan, act now and see if you qualify for debt relief. This is a great opportunity to get some or all of your debt forgiven. For more information on eligibility requirements and how to apply, please visit www.studentaid.gov . And don't forget to get your taxes done by Enyka Gaines (Being the Change LLC)! With over 25 years of experience, she can help make sure everything is done correctly so you can focus on what's important - taking care of your finances.
The application can be found below.
Important Disclaimer: The views, information and opinions expressed in the video series are solely of Being the Change LLC and its affiliates. We do not guarantee any results. Please reach out to a financial professional to review your portfolio before any transactions.
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