Student Debt Relief: What You Need To Know

Recently, The Biden Administration announced that they were rolling out a student debt relief program. This program had been on the horizon for a long time, and many people were anxious to learn about what it would entail. Here are the details:

  1. For non-Pell Grant recipients who made under $125,000 (individual) or under $250,000 (families) in 2020 or 2021, they can apply for up to $10,000 in federal student debt relief. 

  2. For Pell Grant recipients who made under $125,000 (individual) or under $250,000 (families) in 2020 or 2021, they can apply for up to $20,000 in student loan debt relief. 

The application for debt relief is now live through StudentAid.Gov, and is relatively straightforward to complete. The application requires:

  1. Your name.

  2. Your SSN.

  3. Limited contact information.

Please note that the Department of Education may reach out to verify your income information if necessary. You apply by clicking here. It’s also important to note that the deadline to apply is December 31, 2022. Loan providers will contact you once your loan forgiveness has been processed and applied to your loan balance. If you have any questions, don’t hesitate to contact our team. 

This commentary reflects the personal opinions, viewpoints, and analyses of The Dala Group, LLC employees providing such comments. It should not be regarded as a description of advisory services provided by The Dala Group, LLC or performance returns of any The Dala Group, LLC client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data, or any recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The Dala Group, LLC manages its clients’ accounts using various investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

Mike Heatwole

Mike Heatwole is a Certified Financial Planner™. He is the founder and CEO of The Dala Group. Mike graduated from the Illinois Institute of Technology with a bachelor’s degree in civil engineering and a master’s in Structural Engineering. His interest in financial planning began as a table leader for Dave Ramsey’s Financial Peace University, and shortly after, he changed careers to became a financial planner. He organically built The Dala Group, a wealth management firm, focusing on helping families achieve their lifestyle and legacy goals.

Previous
Previous

Planning to Retire Next Year? 5 Things You Won’t Want To Miss

Next
Next

Important Updates About Next Year’s Social Security Cost of Living Adjustment