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The United States has approximately $1.75 trillion in outstanding student loan debt — trillion with a “T”.
People of all ages and walks of life are affected by student loan debt. In fact, 22% of that loan is owed to people aged 50 and above.
Well, whatever your age, student loan forgiveness is on the table now. The Biden administration recently announced a program for borrowers to forgo loans of up to $20,000.
In this podcast, we discuss who qualifies for the forgiveness program and what you need to do to claim your piece of the pie.
As always, financial journalist Miranda Markit is accompanied by host Stacey Johnson. Listening in and occasionally contributing to producer Aaron Freeman. TODAY’s special guest is Robert Farrington, a student loan expert and founder of The College Investor.
Remember, even though we sometimes talk about money and specific investments on this show, don’t take them as recommendations because they aren’t. Before investing or putting any money in anything, do your research and make your own decisions.
You can watch the episode below, or if you prefer to listen, you can do so with the player at the top of this article or download the episode from wherever you find your podcast:
Don’t forget to check out our podcast page for more episodes designed to help you get the most out of your money, and our YouTube page for more videos.
What’s In Biden’s Student Loan Forgiveness Package?
It’s not just children. Baby boomers have more student loan debt than you might think. No matter your age, you may be eligible for student loan forgiveness because of the Biden administration’s recent move.
If you want to get rid of some of that debt, your first step is to understand what’s in a student loan forgiveness package. Check out the fact sheet offered by the Biden administration. Here is the gist of it:
Up to a total of $20,000 for those with a Pell Grant and up to a total of $10,000 for those who qualify. Income Requirements: Up to $125,000 for single filers, and up to $250,000 for joint filers and designated head of household. Other proposals in the package include a new income-driven repayment program, earlier waivers for some borrowers, and higher Pell grant amounts. No interest accrues on income-driven plans as long as you are making payments.
And to learn more about student loans, check out these resources:
Steps to get student loan forgiveness
If you are looking for forgiveness, our guest has step by step information. Some of the resources mentioned and the steps to be taken include:
Meet This Week’s Guest, Robert Farrington, MBA
Robert Farrington / Money Talks News
Robert Farrington is the founder of The College Investor. He is one of America’s top student loan debt experts and talks regularly about everything from paying for college to student loan repayment.
Robert is also the editor-in-chief of Cult of Money, a website dedicated to personal finance for the crypto-curious.
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about the hosts
Stacey Johnson founded Money Talks News in 1991. He is a CPA, and has also earned licenses in Stocks, Commodities, Options Principal, Mutual Funds, Life Insurance, Securities Supervisor and Real Estate.
Miranda Markit, MBA, is a financial expert, author and speaker. She has been covering personal finance and investing topics for almost 20 years. When she’s not writing and podcasting, she enjoys traveling, reading, and hanging out.
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