Learn more about Biden’s student loan forgiveness!

While more than $40 billion are promised to be canceled, there is more. These are the 2 most interesting components 👀 you may have overlooked this amig@s:

1. Determine eligibility. Focus on whether you are eligible for forgiveness. To avoid los cable cruzando, aka confusion, this is who the website describes as eligible:

“Borrowers receiving notifications in the coming days include those with Direct Loans or Federal Family Education Loans held by the Department (including Parent PLUS loans of either type) who have reached the necessary forgiveness threshold as a result of receiving credit toward IDR forgiveness for any of the following periods:

➡️ Any month in which a borrower was in a repayment status, regardless of whether payments were partial or late, the type of loan, or the repayment plan.

➡️ Any period in which a borrower spent 12 or more consecutive months in forbearance.

➡️ Any month in forbearance for borrowers who spent 36 or more cumulative months in forbearance.

➡️ Any month spent in deferment (except for in-school deferment) prior to 2013; and

➡️ Any month spent in economic hardship or military deferments on or after January 1, 2013.

In addition, the months described above that occurred prior to a loan consolidation will also be counted toward forgiveness.

The Department will continue to identify and notify borrowers who reach the applicable forgiveness thresholds (240 or 300 qualifying monthly payments, depending on their repayment plan and type of loan) every two months until next year when all borrowers who are not yet eligible for forgiveness will have their payment counts updated. “💪 💸

2. If you still feel like you’re struggling, here’s a plot twist 😳. There’s a new payment plan:

The SAVE plan will cut payments on undergraduate loans in half compared to other plans. This plan aims to make sure that a borrower’s balance never grows as long as their making the expected payment.

Clearly, there is more than what meets the eye. Take some time to figure out whether you qualify for the forgiveness update. Stay tuned as updates come your way. If you do not see anything and feel like you do qualify, be proactive and reach out directly. Remember, your abúe’s words “camaron 🍤 que se duerme se lo lleva la corriente 😴 ,” in simpler terms don’t sleep on it.