Student debt aid has become a hot political topic in the USA in the past few months as Joe Biden seeks to extend the moratorium on paying back student loans as a result of the Covid-19 pandemic.
President Joe Biden has been working on his student loan forgiveness program which is now in the court system and it could be months and months before those who need the help here what the outcome will be.
Biden’s plans
It is believed that around 16 million people in the USA have already been approved for up to 20,000 dollars in student loan forgiveness. Many of those people have been notified as such by email, but the debt cannot currently be written off legally.
Thankfully for those who cannot afford to pay back on their education just yet, there are other ways to qualify for student debt relief in the USA.
One way is the Public Service Loan Forgiveness program which lets some government and non-profit organization employees enjoy federal student loan forgiveness if they have made 10 years of qualifying payments.
Regardless of the amount, someone who uses this method will see their entire remaining balance be wiped out. Teachers, social workers, some nurses and doctors as well as government lawyers are some of the types of borrowers who may be eligible.
Similarly, the Teacher Loan Forgiveness Program cancels up to 17,500 dollars in federal student loan debt for certain full-time teachers who have worked in a qualifying low-income elementary or secondary school for at least five consecutive years.
There is the borrower defence to repayment program for those who were defrauded by their college, the income-driven repayment program which can help adjust repayment sizes, the total and permanent disability discharge, and filing for bankruptcy.
