Student Loan Forgiveness App Coming Soon: What You Need to Know | Top stories
DECATUR, ILL. (WAND) – In August, the Biden-Harris administration announced a student debt relief plan.
“Here’s what my administration is going to do. It’s give people more leeway so they’re less in student debt,” President Joe Biden said.
According to the US Department of Education, an online application will be available in October 2022 for borrowers. Although no fixed date has been announced, you can visit the Department’s website and register for subscriptions, and receive a notification when the application is open.
“What we have advised borrowers to do is log back into the FSA, the Federal Student Aid website where they filed their FAFSA. Log back in and make sure all of their contact information is up to date,” said Stacey Hubbard, Dean of Admissions and Financial Aid at Millikin University.
“Check if you’re eligible. Make sure you have a direct federal loan,” said Melissa Byrne, founder of The 45 Million.
According to the Federal Student Aid website, if you have one of these loans, you qualify for a discount. While borrowers may be eager to ask for forgiveness.
“A little twiddling our thumbs right now, waiting because we just want the app,” Byrne said.
There have been several reports of scammers already preying on vulnerable people.
“We’re already seeing scammers reaching out to people, quickly offering student loan forgiveness with lots of benefits for a fee,” said Jessica Tharp, president and CEO of BBB.
The Ministry of Education will never ask for money, making this an immediate red flag.
“You’ll also see some very legitimate websites. You can’t necessarily trust the top results unless they end in ‘.GOV,'” Tharp said.
Ensuring your information is secure and up-to-date are essential steps in preparing for what lies ahead.
Copyright 2022. TV STICK. All rights reserved.