CURRENT AFFAIRS

Detailed explanation-1: -What student loans are not eligible for forgiveness? Private student loans, by definition, are private and are not eligible to be forgiven. These are loans the borrower owes to student loan providers and not the federal government.

Detailed explanation-2: -How will I know when my loans are forgiven? The Department of Education will notify you when your application is approved, and your loan servicer will update you once your loans are forgiven. Keep an eye out for any correspondence from your servicer via email or mail, and regularly check your loan balance online.

Detailed explanation-3: -How do I know if I am eligible for debt relief? To be eligible, your annual income must have fallen below $125, 000 (for individuals) or $250, 000 (for married couples or heads of households). If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20, 000 in debt relief.

Detailed explanation-4: -Loans That Are Eligible for Student Loan Forgiveness The Education Department confirmed that nearly all government-held federal student loans, including undergraduate loans, graduate loans, and Parent PLUS loans, can qualify.