Welcome everyone today I want to talk About buying student loan relief program I did a YouTube short video on this but I think there’s area for me areas for me To expand on the topic one I want to Give a little bit more General facts About the program Two I want to provide basic Qualifications in order for you to meet The student loan relief program and Three I want to talk about what happens If you already made student loan Payments from March 13th 2020 that’s When Uh loan payments were put on halts Because of the pandemic until now There’s a little bit more complex way to Get your loans forgiven if you already Made payments which I’ll go over so I’m Going to go over those three topics Right now I want to provide quick Background and facts about the buy-in Student loan forgiveness leave program Uh the application became live last week So if you go into the student aid Website which you should see now you can See the application where you have to Fill out your personal details your name Your social security number and also a Test that you meet the qualifications to Have your student loans forgiven now the Amount of student loans that can be Forgiven depends on what kind of loans You have with the federal government if

You have a Pell Grant loan you can Receive up to twenty thousand dollars in Loan forgiveness now if you have any Other kind of Federal Loan you can get Up to ten thousand dollars in Forgiveness You have until December 2023 to apply Online so you have a little over a year To do that now I want to go over what Kind of qualifications you need to meet In order to have your loans forgiven Next I want to go over two Qualifications that you should consider When you’re looking at your student Loans and whether or not they are Applicable to be forgiven the first one Is how much money you made in 2020 in 2021 Now if you’re a single taxpayer and made Over a hundred twenty five thousand Dollars then your loans will not be Eligible to have either ten thousand or Twenty thousand dollars for a given now You need to go to line 11 on your tax Return that’s your adjusted gross income And if that number line 11 on your tax Return is over 125 000 then you you’re Not eligible to receive this program That number is doubled if you’re married Filing Jolene so if you’re married fine Jointly And go to line 11 on your tax return if You’re 250 000 or over then you do not Qualify for the student loan relief

Program so keep that in mind how much Money you made in 2020 or 2021 when You’re looking to see if you’re eligible For this program The next thing you have to consider is What kind of student loans that you have If you go to your student loan service Provider they almost they should give You what kind of loans that you have With them and only Federal loans are the Loans that can be forgiven under the Student loan relief program If you have any private loans then those Do not qualify so you have to be careful To see what kind of loans you have Outstanding and make sure that they are Federal loans because those are the ones That can be forgiven next I want to talk About circumstances where you made loan Payments during the pandemic and what to Do if you did that another thing I’m Going to go over is what to do if you Made student loan payments during the Student loan payment pause Now the student loan payment pause Happened in Marshfield in 20 where you Didn’t have to make any student loan Payments some then until up to now And there’s a little bit more complexity If you want to have those student loans Forgiven and I think it’d be helpful if I give it an example So let’s say that you had ten thousand Dollars worth of student loans

Outstanding for Simplicity that’s the Max amount you can forgive if it is a Federal Loan that is not a Pell Grant Loan And you made that ten thousand dollar Payments during that student loan Payment pause period what you would have To do is go to your loan servicer ask Them to refund you that amount and what That means is they give you the money And that you the payment that you made And now you would then have a ten Thousand dollar balance in your for that Loan you would then apply Through the federal student aid website To have that loan forgiven so there’s a Little bit more of a process you have to Ask your loan servicer for a refund of The payment that you made to them and Then you’d have to apply Through the federal student aid website To have that amount forgiven a little Bit more complex fee I wanted to go over That in case you made payments during The student loan payment pause period Something to keep in mind in summary if You qualify for buying student loan Forgiveness program you can have up to Twenty thousand dollars of student loans For given if you have a Pell Grant loan If you have any other kind of Federal Loan you can get up to ten thousand Dollars forgiven when it comes to the Time frame of when you should expect to

Have your loans forgiven if you apply Online first the federal government said It should take four to six weeks but There are some legal issues at the state Level that are still being sorted out so It will take longer than that it all Depends on when those legal issues are Settled that is that shouldn’t stop you From going you can still go to the Federal student aid website and apply it Just might take a while for the loans to Actually be forgiven just keep that in Mind I hope you all found this video helpful And informative if you liked the video Hit the like button lets me know I’m Creating good videos for you all Also if you like videos like this hit The Subscribe button I generally talk About tax Concepts but I’m gonna in the Future I’m branching out to more Finance Stuff as well so look forward to that in The future thanks again for watching the Video and I’ll see you all next video