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There’s almost $1.75 trillion – that’s trillion with a “T” – in outstanding US student debt.
People of all ages and walks of life are affected by student loan debt. In fact, 22% of this debt is owed by people aged 50 and over.
Well, no matter how old you are, student loan forgiveness is now on the table. The Biden administration recently announced a program to cancel up to $20,000 in debt for borrowers.
In this podcast, we discuss who qualifies for the forgiveness program and what you need to do to claim your piece of the pie.
As usual, host Stacy Johnson is joined by financial journalist Miranda Marquit. Producer Aaron Freeman listens and sometimes contributes. Today’s special guest is Robert Farrington, student loan expert and founder of The College Investor.
Remember, while we sometimes talk about specific money and investments on this show, don’t take them as recommendations, because they’re not. Before investing in anything or making any money moves, do your research and make your own decisions.
You can watch this episode below, or if you prefer to listen, you can do so with the player at the top of this article or download the episode wherever you get your podcasts:
Be sure to check out our podcast page for more episodes designed to help you get the most bang for your buck and our YouTube page for more videos.
What’s in Biden’s Student Loan Forgiveness Program?
It’s not just the children. Baby boomers have more student debt than you might think. Regardless of your age, you may be eligible for student loan forgiveness due to the Biden administration’s recent decision.
If you want to get rid of some of that debt, your first step is to understand what’s in the student loan forgiveness program. Check out the fact sheet offered by the Biden administration. Here’s the gist:
- Up to $20,000 total for those with Pell Grants and up to $10,000 total for others who qualify.
- Income requirements: up to $125,000 for single filers and up to $250,000 for joint filers and persons named as head of household.
- Other proposals in the package include a new income-driven repayment program, early forgiveness for some borrowers and higher Pell grant amounts.
- No interest accrues on income-oriented plans as long as you make payments.
And to learn more about student loans, check out these resources:
Steps to Get Student Loan Forgiveness
If you are seeking forgiveness, our guest has the step-by-step information. Some mentioned resources and steps to follow include:
Meet this week’s guest, Robert Farrington, MBA
Robert Farrington is the founder of The College Investor. He’s one of America’s top student loan debt experts and regularly speaks on everything from paying for college to navigating student loan repayment.
Robert is also the editor of Cult of Money, a personal finance site for the crypto-curious.
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Stacy Johnson founded Money Talks News in 1991. He is a CPA and has also been licensed in stocks, commodities, major options, mutual funds, life insurance, securities supervisor securities and real estate.
Miranda Marquit, MBA, is a financial expert, writer and speaker. She has covered personal finance and investment topics for nearly 20 years. When she’s not writing and podcasting, she enjoys travel, reading, and the outdoors.
Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click on links in our stories.