Money Matters: Do you qualify for Federal Student Loan Forgiveness?

COLUMBIA, S.C. (WIS) - Decades ago, a program was created by the federal government in order to alleviate student loan debt, now people are trying to cash in on that program.

The Federal Student Loan Program is a federal program that allows people working in the public sector for 10 years in the sector while making payments on their student loans to have part of their debt forgiven.

During the pandemic, many people were trying to apply for the program and were being rejected due to loan restrictions and other qualifications.

After the recent rise in applications, new legislation was passed in order to alleviate some of the restrictions.

To apply, visit https://studentaid.gov/. Identify the loans you have and follow the steps to apply.

The deadline to apply for the program is October of 2022.

Another new provision is that 529 plans are now eligible to be used to pay off student loans up to $10,000. Some further loan forgiveness programs may come out after but experts say that you should continue to pay your loans and hope that those programs are created.

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