Are you among the 43 million student loan borrowers who are getting $10,000 – $20,000 forgiven? Here’s how to minimize delay in the relief – and what to do with the extra money to boost your financial wellness.
Envision a line of people 43 million deep seeking $10,000 – $20,000. Is there anyone out there that wants to be on the back end of that waiting process? Probably not, but, that could be the case for those eligible to apply for loan forgiveness.
With the volume of people impacted, there are steps that all borrowers should take to uncover if they are eligible to achieve the debt relief outlined by the Biden administration and minimize delays: Additionally, for families that have saved for the full cost of an undergraduate degree, students can secure federal loans in their own name over their four-year journey. If the loan forgiveness does not re-occur , the Secure Act of 2019 allows 529 proceeds of up to $10,000 to pay off student loan debt.
Wilmington Trust is not authorized to and does not provide legal or tax advice. Our advice and recommendations provided to you is illustrative only and subject to the opinions and advice of your own attorney, tax adviser or other professional adviser.