Answer your questions about the Student Loan Forgiveness Program
MINNEAPOLIS– If you have student loans, listen up. The Ministry of Education has started accepting applications for the student debt relief program.
The White House expects 43 million Americans to benefit from the plan and 20 million to have their remaining balance cancelled.
You don’t have to look far to find someone who feels the burden of student loans.
“I have four jobs right now. So I’m just trying to pay them back,” said Stone Goomanson, of Minneapolis. “I came out of graduate school with about $17,000 in loans, so better than a lot of my peers.”
Not surprisingly, there is enthusiasm for the student debt relief program. A beta version of the app’s website was launched last night.
To be eligible, singles must have earned less than $125,000 in the last year, or $250,000 for married couples.
And plenty of Minnesotans could soon be on that list. According to the Department of Education, more than 780,000 Minnesotans have outstanding federal student debt, which combined is worth more than $26 billion.
Those already looking for relief say it will make a big difference to their finances and their future.
Forbearance on student loan payments, which began during the pandemic, is still in effect, but payments are expected to resume in January.