NY Times: What You Need to Know About Biden's Student Loan Forgiveness Plan

[ificandream]

By Ron Lieber and Tara Siegel Bernard
Aug. 24, 2022
Updated 3:10 p.m. ET

President Biden’s executive order on Wednesday will cancel up to $20,000 worth of federal student loans for millions of people. But not everyone with debt will qualify.

The order includes rules that will maintain the balances of debtors who currently have high incomes. Those who do qualify will need to navigate the balky federal loan servicing system and keep a close eye on their accounts and credit reports for any mistakes.

The order also extends the pause on monthly student loan payments, which means that borrowers won’t have to resume payments until at least January.

What follows are questions you may have about the cancellation program with answers that have come from the White House, the Department of Education and student loan servicers.

Read more: https://www.nytimes.com/2022/08/24/business/biden-student-loan-forgiveness.html

[Lovie777]

1. Ya know the GQP will be fighting against this ......

Nevertheless, the pres did good.

[TheRealNorth]

2. So if I consolidated my Federal Student Loans with a private lender...

Do I still qualify?

[obamanut2012]

3. Yes, as long as it is an E loan

[TheRealNorth]

4. Thanks for the feedback!

It looks like they are.