LAS VEGAS (KTNV) — As of Tuesday morning, borrowers are still waiting to apply for the Biden administration’s federal student loan forgiveness program.
Applications were supposed to open at the start of this month, but some legal challenges have pushed the process back.
In September, six Republican-led states filed lawsuits against the Biden Administration trying to halt student loan forgiveness. The states argued that President Biden overstepped his executive powers and that waving the debt would negatively impact the states financially.
For now, borrowers will have to wait until the applications are released, however, they are expected to open before the end of the month.
Until they do, experts say now is a good time to check if you qualify for loan forgiveness.
“Single tax filers earning up to $120,000 a year and married couples earning up to $250,000 a year are eligible for $10,000 of federal student loan forgiveness. Those who have Pell grants, which are for low-income students, are eligible for $20,000 of federal student loan relief. They will be using your 2020 or 2021 tax returns to determine eligibility,” said Brad Zucker, a registered financial consultant in Las Vegas.
Zucker also shared that people who took out private student loans or took out loans after June 30 are not eligible to receive relief.
The Department of Education is sending out updates for when the application becomes available, you can register using this link.
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