Student Loan Forgiveness Application Now Available

Student Loan Forgiveness Application Now Available

President Biden announced, back in August, a plan to forgive up to $20,000 in student loans for eligible individuals.  Individuals making less than $125,000 and married couples making less than $250,000 are eligible to have up to $10,000 of their student loans forgiven.  This increases to $20,000 of forgiveness if the loans were in the form of a Pell Grant.

On August 17, 2022, the U.S. Department of Education officially launched an online application allowing eligible individuals to apply for forgiveness under this program.  The information needed to file the online application appears to be minimal (name, date of birth, SSN).  The application process does not require any proof of income; however, they have stated that they may reach out, in some cases, to request proof of income before granting the forgiveness.

Click Here – for a link to the online application.

Please remember that the amounts forgiven are tax-free for federal income tax purposes; however, based on the current North Carolina tax laws the forgiven amounts will be taxable in North Carolina.  Other states may also treat these amounts as taxable income.  Click Here – for additional information on the taxability of these forgiven amounts.

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