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https://www.cnbc.com/2022/10/10/why-more-than-7-million-student-loan-borrowers-could-miss-forgiveness-.html
Here’s why more than 7 million student loan borrowers could miss out on federal forgiveness program
PUBLISHED MON, OCT 10 20222:05 PM EDTUPDATED MON, OCT 10 20222:39 PM EDT
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Annie Nova
@ANNIEREPORTER
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Consumer advocates say that requiring student loan borrowers to apply for forgiveness will lead to many people missing out on the relief.
Many borrowers may mistakenly assume they don’t qualify.
Freshsplash | E+ | Getty Images
The White House has repeatedly said that its application for student loan forgiveness, which is expected to go live within days, will be simple.
Still, consumer advocates say that any red tape around the relief is likely to cause millions of borrowers to miss out on it.
“Those who need it the most won’t get it, and it will make the policy more regressive,” said Thomas Gokey, co-founder of the Debt Collective, a national union of debtors. “There will be a higher percentage of people making $124,000 a year who apply than people making $30,000.”
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Most people with federal student debt are eligible for some forgiveness: up to $10,000 if they didn’t receive a Pell Grant, which is a type of aid available to low-income undergraduate students, and up to $20,000 if they did.
Yet nearly 20% of qualifying borrowers may not take the necessary steps to get that relief, according to the U.S. Department of Education’s own estimate.
That comes out to more than 7 million people, explained higher-education expert Mark Kantrowitz.
“I’ve seen too many examples in which people assumed that they were ineligible for something, but actually were eligible, and ended up leaving money on the table,” Kantrowitz said.
President Biden announces student loan debt relief planWATCH NOW
VIDEO10:47
President Biden announces student loan debt relief plan
The White House did not immediately respond to a request for comment.
Applicants may miss out due to mistaken beliefs
A big reason some eligible borrowers may not apply is that they’ll mistakenly believe their income disqualifies them, Kantrowitz said. The relief is limited to borrowers who made less than $125,000, or married couples or heads of households who earned under $250,000, in either 2020 or 2021.
However, the vast majority of people with student debt fall under these income caps, Kantrowitz said. “Most people with just an undergraduate degree or a master’s degree should qualify,” he said.
It should take only a few minutes to submit an application.
Mark Kantrowitz
HIGHER EDUCATION EXPERT
Still, others might not apply because they’re unsure what their income was in 2020 or 2021. “Do you remember how much you earned two years ago?” Kantrowitz said.
Some borrowers, meanwhile, may have outdated contact information on file with their student loan servicer, and therefore not be getting updates about the relief, according to Kantrowitz.
You should make sure your servicer, as well as the Education Department, has the most recent contact information for you. You can make sure that data is current at StudentAid.gov. You can also sign up on the government’s website for developments on the process.
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Borrowers who are on the fence about if they qualify for forgiveness might as well apply anyway, said Douglas Boneparth, a certified financial planner and president of Bone Fide Wealth in New York.
“The worst that can happen is that they’re ineligible,” Boneparth said. “There’s no downside to that. But if they qualify, they could receive relief, and that can be huge.”
Kantrowitz agreed.
“It should take only a few minutes to submit an application,” he said.
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In my opinion... Chances exist for: Sept 24th 2022 USD Haircut -
loss of world reserve currency status - 30% plus loss of purchasing power instantly
many countries not even accepting the USD for trade - they want real goods / services not paper
precious metals fly
Today you hear 63% inflation 5% abortion 1% green LOL
Mad as Hell coming more and more sadly...
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RP with Chris - Nice
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How True:
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Spot on Stew... Make FIRING SQUADS GREAT AGAIN - Start with POS fauci for TREASON and MASS MURDER
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Pure BS - DEMONCRAPS (the Shit they are) Lying!!!
In the REAL world it is Republican 75% Demons 25%
Just the TRUTH Asshole Fox News SUCKS - Back to their 2020 BS
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The Second US Civil War Has Begun - Lt. General Thomas G. McInerney
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Ignore the morons - https://www.foxnews.com/health/who-declares-monkeypox-global-health-emergency
their evil agenda is not going to work
people in the world are going to tell the WHO to GOTO HELL!!!
About time the world woke up to the evil there
Wow 2023 - imagine No Taco Bell, Hardees, Burger King, Pizza Hut, Subway...
About all that will still be around near me are local restaurants - if they too still exist
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i can't unsee what i have seen - selected - not elected
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So if the USD is SO STRONG... Why does all cost TWICE as much?
good question eh?
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Great Listen: China & Russia’s Coordinated Plan To Take Down America (Gen. Robert Spalding Interview)
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Blue Street lights
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one must be concerned due to at highest level imo - tomorrow is the day - cern
July 5th CERN at highest level ever
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Great Julie Green - Thank you God!!!
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Julie Green Thank You ! !!
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wow September 24th - 38 minutes in - I will bless you
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Sept 21 last day of summer
Kim Clement - they FALL in FALL
EPA 6-3 you don't have the power -
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USD 105 what a freaking worthless BS joke!!!
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take back America vs POS NWO CRIMINALS One and ALL
Amazing... Anna Khait and Julie Green - Thank You!!!
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July 1st 2022 - the world changes - thanks Kim Clement - thanks Bo!!! thanks God!!!
Great model for transparency - this should be the standard - only release footage within 24 hours in it's entirety
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SCOTUS rules shall license - all 50 states - less past criminal violent behavior
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What an American HERO - Thank You!!!
Pro football player 26 in excellent shape just dies- sad - was he vaxxed?
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most likely imo as NFL seemed to be requiring such
Great video - VP Pence was obligated by the constitution to REJECT the votes from Penn as they were not in compliance with what the PENN Legislature had legislated...
The CONSTITUTION states - the Legislature of the state "rules/laws" apply - not what the Governor wants to do, not what the Secretary of State wants to do - and not what the state supreme court wants to do - ONLY what the Legislature decides.
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NIH non compliance = treason?
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NIH not being transparent - why would that be?
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12 years old - impressive -
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The truth will set you free... https://www.brighteon.com/1b92be1d-c34e-445c-a57e-1b5aafdf11a6
14:20 in Begins... Tucker Carlson just called for Biden to RESIGN!!!
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