Student Loan Forgiveness: Will You Qualify for $0 Payments Under Biden’s New Plan?

Student loan forgiveness has been a hotly debated topic for many years, with many arguing that the current system places an undue burden on young people who are already struggling to make ends meet. In response to this, President Joe Biden has proposed a new plan that would forgive up to $10,000 in student loan debt for every borrower. But the big question is: will you qualify for $0 payments under Biden’s new plan?

The short answer is that it depends on a few factors. First and foremost, it’s important to understand the basics of the plan itself. The proposal would forgive up to $10,000 in student loan debt for every borrower who has federal student loans. This includes Direct Loans, Stafford Loans, PLUS Loans, and Perkins Loans. However, it does not include private loans, which are issued by banks and other financial institutions.

To qualify for this forgiveness, you must meet certain criteria. Specifically, you must have an income of less than $125,000 per year. This means that if you make more than $125,000, you will not be eligible for the full $10,000 forgiveness. Instead, the amount of forgiveness you receive will be gradually reduced as your income increases.

Additionally, the forgiveness is not automatic. You will need to apply for it through the…