{"id":36220,"date":"2022-10-30T04:29:27","date_gmt":"2022-10-30T04:29:27","guid":{"rendered":"http:\/\/www.brandon.ddtest.info\/multisite-test\/who-gets-automatic-student-loan-debt-relief-these-folks-dont-need-to-apply\/"},"modified":"2022-10-30T04:29:27","modified_gmt":"2022-10-30T04:29:27","slug":"who-gets-automatic-student-loan-debt-relief-these-folks-dont-need-to-apply","status":"publish","type":"post","link":"http:\/\/www.brandon.ddtest.info\/multisite-test\/who-gets-automatic-student-loan-debt-relief-these-folks-dont-need-to-apply\/","title":{"rendered":"Who Gets Automatic Student Loan Debt Relief? These Folks Don&#8217;t Need to Apply"},"content":{"rendered":"<p> \n<\/p>\n<div data-component=\"lazyloadImages\">\n<p>        <span data-shortcode-type=\"error\" data-shortcode-name=\"image\" data-error=\"Shortcode could not be resolved: Processing error occurred\"\/><\/p>\n<p class=\"speakableTextP1\">President Joe Biden&#8217;s plan to\u00a0<span class=\"link\" section=\"shortcodeLink\"><a href=\"https:\/\/news.google.com\/personal-finance\/loans\/you-should-still-apply-for-student-loan-debt-relief-asap-heres-how\/\">discharge up to $20,000 in federal student loan debt<\/a><\/span>\u00a0for eligible borrowers still hangs in <span class=\"link\" section=\"shortcodeLink\"><a href=\"https:\/\/news.google.com\/personal-finance\/loans\/student-loan-debt-relief-still-delayed-by-court-challenges-will-it-ever-happen\/\">legal limbo<\/a><\/span>, but the <span class=\"link\" section=\"shortcodeLink\"><a href=\"https:\/\/news.google.com\/personal-finance\/loans\/you-should-still-apply-for-student-loan-debt-relief-asap-heres-how\/\">applications for onetime student loan debt relief<\/a><\/span> keep coming. In a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2022\/10\/21\/remarks-by-president-biden-on-student-loan-forgiveness\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" data-component=\"externalLink\">speech last Friday<\/a>, Biden said that &#8220;just close to 22 million people&#8221; have filed for relief using the <a href=\"https:\/\/studentaid.gov\/debt-relief\/application\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" data-component=\"externalLink\">Department of Education&#8217;s online application<\/a>.<\/p>\n<p class=\"speakableTextP2\">While most borrowers will need to apply for onetime student loan debt relief, cancellation should happen automatically for about\u00a0<a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/08\/24\/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" data-component=\"externalLink\">8 million Americans<\/a>\u00a0as early as Nov. 14.<\/p>\n<p>On Oct. 18, the <a href=\"https:\/\/twitter.com\/vannotvalen\/status\/1582391111334514689\" rel=\"noopener noreferrer\" target=\"_blank\" data-component=\"externalLink\">Education Department emailed<\/a> those people who will receive debt forgiveness automatically. The message reads, &#8220;We will work with your servicer to process any relief for which you&#8217;re eligible after November 14, unless you opt out.\u202fIf you&#8217;d like us to start processing your relief sooner, you can submit an application now.&#8221; Borrowers who don&#8217;t want to receive any student loan debt relief must <span class=\"link\" section=\"shortcodeLink\"><a href=\"https:\/\/news.google.com\/personal-finance\/loans\/who-is-my-student-loan-servicer-heres-how-to-find-out\/\">contact their loan servicer<\/a><\/span>\u00a0before Nov. 14 in order to be excluded.<\/p>\n<figure class=\"image image-small pull-right shortcode\" section=\"shortcodeImage\"><a class=\"imageContainer\" href=\"https:\/\/www.cnet.com\/money-tips\/\"><img loading=\"lazy\" src=\"https:\/\/www.cnet.com\/a\/img\/resize\/312518cce85fbb772b5b3edcedeff4e84febea3d\/hub\/2022\/09\/16\/05e35f25-73d9-43b1-a107-cfafd883f060\/money-tips-1.png?auto=webp&amp;width=270\" class=\" lazy\" alt=\"Money Tips logo\" height=\"270\" width=\"270\"\/><noscript><img loading=\"lazy\" src=\"https:\/\/www.cnet.com\/a\/img\/resize\/312518cce85fbb772b5b3edcedeff4e84febea3d\/hub\/2022\/09\/16\/05e35f25-73d9-43b1-a107-cfafd883f060\/money-tips-1.png?auto=webp&amp;width=270\" class=\"\" alt=\"Money Tips logo\" height=\"270\" width=\"270\"\/><\/noscript><\/a><\/figure>\n<p>Learn which borrowers will have student loan debt canceled automatically without needing to apply and how the process works. For more about student loan debt relief, learn <span class=\"link\" section=\"shortcodeLink\"><a href=\"https:\/\/news.google.com\/personal-finance\/taxes\/the-student-loan-forgiveness-application-is-live-but-will-you-owe-taxes-on-debt-relief\/\">whether your forgiveness will be taxed by your state<\/a><\/span> and <span class=\"link\" section=\"shortcodeLink\"><a href=\"https:\/\/news.google.com\/personal-finance\/loans\/will-student-loan-debt-forgiveness-hurt-your-credit-score-what-you-need-to-know\/\">how debt forgiveness could impact your credit score<\/a><\/span>.<\/p>\n<h2>Who gets automatic student loan debt relief?<\/h2>\n<p>Borrowers whose income data is already on file with the federal government will not need to apply for student loan debt forgiveness, <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/08\/24\/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" data-component=\"externalLink\">the Biden administration said<\/a>. Because the Department of Education can use the information it has on hand to verify those borrowers&#8217; income eligibility, it will work with loan servicers to cancel either $10,000 or $20,000 automatically.<\/p>\n<p>The biggest group of\u00a0 borrowers who have income data filed with the department are enrolled in <span class=\"link\" section=\"shortcodeLink\"><a href=\"https:\/\/news.google.com\/personal-finance\/loans\/new-student-loan-plan-would-cut-payments-by-more-than-half-how-it-works\/\">income-driven repayment programs<\/a><\/span>. These plans allow those with student loans to settle their debt by paying a fixed monthly amount based on their income, usually over 20 to 25 years.<\/p>\n<p>To get student loan debt canceled, participants in IDR plans must have recertified their income data for either 2020 or 2021.<\/p>\n<p>The other borrowers who can expect to receive student loan debt relief automatically are those who filed <span class=\"link\" section=\"shortcodeLink\"><a href=\"https:\/\/news.google.com\/personal-finance\/when-is-fafsa-due-for-2023-24-file-for-college-financial-aid-early\/\">FAFSA<\/a><\/span> &#8212; the Free Application for Student Aid &#8212; for the school year 2022-23. Income data included in the application will be used to determine student loan debt relief.<\/p>\n<p>The <a href=\"https:\/\/studentaid.gov\/debt-relief-announcement\/one-time-cancellation\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" data-component=\"externalLink\">Education Department says<\/a>\u00a0that all borrowers who are eligible for automatic student loan debt relief will receive an email explaining that they don&#8217;t need to apply and giving them the opportunity to opt out of student loan debt forgiveness. If you have a Federal Student Aid account and have enabled text notifications, you&#8217;ll get a text message with similar information.<\/p>\n<h2>If I have income on file with the government, should I still apply for student loan debt relief?<\/h2>\n<p>Yes. Even if you&#8217;ve received an email from the department explaining that you&#8217;ll get your debt canceled automatically, there&#8217;s no harm in applying for debt forgiveness.\u00a0<\/p>\n<p>This student loan debt relief program is still new, and there&#8217;s a risk of glitches and errors. Applying for debt relief even though you expect to get it automatically should have no negative impact.<\/p>\n<p>The <span class=\"link\" section=\"shortcodeLink\"><a href=\"https:\/\/news.google.com\/personal-finance\/loans\/you-should-still-apply-for-student-loan-debt-relief-asap-heres-how\/\">form to apply for student loan debt relief<\/a><\/span>\u00a0is very short and can be completed in two minutes. All you need to enter is your name, Social Security number, birth date, email address and phone number, plus a signed statement indicating that you&#8217;re eligible for relief.<\/p>\n<h2>How do I know if I am eligible for student loan debt relief?<\/h2>\n<p>All borrowers with federally held student loans are eligible for $10,000 in forgiveness if they earned less than $125,000 in 2020 or 2021 as a single tax filer, or $250,000 as a head of household or married filing jointly. Eligible borrowers who received Pell Grants can receive another $10,000 in relief to cancel a total of $20,000 in debt.<\/p>\n<p>If you&#8217;re not sure of your exact income in 2020 and 2021 and you filed a federal tax return in those years, you can easily look up your income from your tax returns using a <span class=\"link\" section=\"shortcodeLink\"><a href=\"https:\/\/news.google.com\/personal-finance\/taxes\/how-an-online-irs-account-can-help-you-finally-finish-your-taxes\/\">free IRS online account<\/a><\/span>.<\/p>\n<p>For more about student loans, learn how teachers and other public servants can get their entire student debt erased with the <span class=\"link\" section=\"shortcodeLink\"><a href=\"https:\/\/news.google.com\/personal-finance\/loans\/times-running-out-to-apply-for-public-service-loan-forgiveness-get-your-application-in-now\/\">Public Service Loan Forgiveness<\/a><\/span> program.<\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>\n<br \/><a href=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/CBMid2h0dHBzOi8vd3d3LmNuZXQuY29tL3BlcnNvbmFsLWZpbmFuY2UvbG9hbnMvd2hvLWdldHMtYXV0b21hdGljLXN0dWRlbnQtbG9hbi1kZWJ0LXJlbGllZi10aGVzZS1mb2xrcy1kb250LW5lZWQtdG8tYXBwbHkv0gEA?oc=5\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden&#8217;s plan to\u00a0discharge up to $20,000 in federal student loan debt\u00a0for eligible borrowers still hangs in legal limbo, but the applications for onetime student loan debt relief keep coming. In a speech last Friday, Biden said that &#8220;just close to 22 million people&#8221; have filed for relief using the Department of Education&#8217;s online &hellip;<\/p>\n","protected":false},"author":1,"featured_media":36221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/36220"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=36220"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/36220\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/36221"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=36220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=36220"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=36220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}