The Biden Administration released a relief program, including the forgiveness of up to $10,000 federal student loan debt for most borrowers.
How will the program work? What’s included in the package? How will this impact the economy?
What about people with private student loans?
What does your financial advisor think about it?
Watch this short overview video.
There’s a lot to unpack with this and some details yet to be released. The opinions I’ve read, and I’m sure you’ve read, are all over the place. You can read more on my personal opinion here.
Regardless of where you stand on this issue, this student loan forgiveness program – like any other government stimulus – will be helpful to some and not helpful to others. What’s important is understanding how the program applies to your specific situation.
There are strategies we may be able to take advantage of if you intend to apply for forgiveness, particularly if you qualify under the Federal Public Service Loan Forgiveness (PSLF) program.
Want to talk more about how federal student loan forgiveness effects you?