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There is almost $1.75 trillion — that’s trillion with a “T” — in outstanding student loan debt in the United States.
People of all ages and walks of life are impacted by student loan debt. In fact, 22% of that debt is owed by people age 50 and older.
Well, no matter your age, student loan forgiveness is now on the table. The Biden administration recently announced a program to forgive up to $20,000 in debt for borrowers.
In this podcast, we discuss who qualifies for the forgiveness program and what you need to do to claim your slice of the pie.
As usual, host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. Today’s special guest is Robert Farrington, a student loan expert and the 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’re not. Before investing in anything or making any money moves, do your research and make your own decisions.
You can watch this episode below, or if you’d prefer to listen, you can do that with the player at the top of this article or download the episode wherever you get your podcasts:
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What’s in Biden’s student loan forgiveness package?
It’s not just kids. Baby boomers have more student loan debt than you might think. No matter your age, you might be eligible for student loan forgiveness due to the recent move by the Biden administration.
If you want to get rid of some of that debt, your first step is understanding what’s in the student loan forgiveness package. Check out the fact sheet offered by the Biden Administration. Here’s the gist of it:
- Up to $20,000 total for those with Pell Grants and up to $10,000 total for others who qualify.
- Income requirements: Up to $125,000 for single filers, and up to $250,000 for joint filers and those designated head of household.
- Other proposals in the package include a new income-driven repayment program, earlier forgiveness for some borrowers, and higher Pell Grant amounts.
- No interest accrual on income-driven plans as long as you’re making payments.
And to learn more about student loans, check out these resources:
Steps for getting student loan forgiveness
If you’re looking for forgiveness, our guest has the information, step by step. Some resources mentioned and steps to take include:
Meet this week’s guest, Robert Farrington, MBA
Robert Farrington is the founder of The College Investor. He’s one of America’s top student loan debt experts and regularly talks about everything from paying for college to navigating 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
Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.
Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.
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