Student loan debt from the costs of college/university is part of the albatross around the necks of so many young lawyers. I write about undergraduate and law school debt often, and I am always looking for some good news to share. Finally, there may be some.
Yesterday, the Biden administration officially launched the application for its Federal Student Loan Forgiveness Program. The program forgives up to $20,000 of student loan debt for certain borrowers. Borrowers have until Dec 31, 2023, to fill out an application form which can be found on line.
Borrowers making less than $125,000 a year (or $250,000 for married couples) will qualify for loan forgiveness, and the Dept of Education will also provide up to $20,000 in debt cancellation to those who received Pell Grants.
For more information on this program, here is the Fact Sheet issued by the White House.