Podcast Flash: Federal Student Debt Forgiveness
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Suze Orman Media
4.8 • 4.2K Ratings
🗓️ 24 August 2022
⏱️ 4 minutes
🧾️ Download transcript
Summary
On this special bonus Podcast Flash, Suze gives a brief explanation about the new Federal Student Forgiveness program and what you should do now. Go to this link https://studentaid.gov/debt-relief-announcement/
for a more detailed explanation
The debt forgiveness applies to undergraduate, graduate and Parent Plus loans. Current students can also qualify, for any loans taken out before July 1, 2022, but students who were claimed as dependents will be eligible based on their parent's income rather than their own
Also know if you are upset because you paid off or down your federal student loans by making payments during March 13, 2020, and August 31, 2022 you can ask for a refund of those payments to get your balance back up to $10,000
And Student loan forgiveness won't trigger a federal tax bill. That's because the American Rescue Plan of 2021 made student loan forgiveness tax-free through 2025
To learn more about how you can help yourself and others, please visit: https:myalliant.com/good.
Take advantage of the Ultimate Opportunity Savings Account with Alliant Credit Union at: https://bit.ly/3vEUTZW
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Transcript
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| 0:00.0 | August 24th, 2022. |
| 0:09.6 | And yes, I am dropping another women and money podcast flash. |
| 0:16.0 | Because when things are really important and you need to know about it, |
| 0:20.8 | I don't want to have you wait until Thursday or Sunday or when we drop a regular podcast, |
| 0:27.5 | I want you to know about it right here and right now. |
| 0:32.0 | How long have we been waiting for news on what was President Biden going to do |
| 0:38.0 | in regards to forgiveness of student loans? |
| 0:41.4 | What was President Biden going to do in terms of the moratorium that's currently on student loans? |
| 0:48.1 | That ends in just a few days, well, we finally have the answer to that. |
| 0:53.1 | So he has announced that he will forgive $10,000 in federal student debt for most powers. |
| 1:01.6 | Now, that's a big deal, everybody. |
| 1:04.5 | He's also going to cancel up to $20,000 for recipients of Pell grants. |
| 1:11.7 | So this is going to affect about 9 million borrowers altogether. |
| 1:18.2 | So now, how is this going to work? |
| 1:21.0 | Number one, the $10,000 for forgiveness is for federal student debt. |
| 1:28.1 | And again, that's for most powers. |
| 1:30.8 | However, that relief is going to be limited to Americans earning under $125,000 per year |
| 1:41.2 | or $250,000 per year for married couples and also heads of households. |
| 1:48.2 | Now, you can't game the system here. |
| 1:51.2 | If all you happen to owe is $5,000 on a federal student loan, |
| 1:56.7 | that's all that's going to be forgiven. |
| 1:58.9 | You're not going to get the $5,000 extra back in cash. |
... |
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