of federal student loan debt cancelled.
Current students are eligible for debt relief as long as the loans were issued before July 1, 2022. Borrowers who are financially dependent on their parents can apply using their parents income information.That means the loan forgiveness is capped at however much you actually owe in student loan debt. If you are eligible for $20,000 in loan forgiveness, but only have $12,000 in student loan debt — only $12,000 will be forgiven. You wouldn’t receive the other $8,000.Dec.
The application will be available in early October 2022, and you will have until Dec. 31, 2023, to submit it. However, if you want the debt relief applied to your loans before repayments start back up in January,
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