Here’s When NJ Residents Can Start To Apply For Student Loan Forgiveness
It's been a hot topic for more than a few weeks now, the recent announcement of President Biden's student loan forgiveness program.
If you're anything like me and have already paid way more than you originally owed on your student loans, you may have felt the exact same feeling of relief that I did when the announcement was made. It's not hard to understand where people are coming from when they say they oppose the idea, but hey, that's life.
People were angry when they first announced the $10-$20k relief for federal student loan borrowers because of the supposed tax increase, but when you think about the fact that everybody pays taxes for things that don't necessarily apply to them, the idea is a lot easier to swallow.
For example, I don't have any children, but I still pay taxes that go to the school systems where everyone sends their children for their education, right? That specific tax isn't necessarily benefitting me at the moment, yet I'm not complaining. Still, that's just my personal opinion.
I, for one, am not one who expects others to have to "suffer" in the same way that I had to, so even though I won't be seeing a huge relief in my student loans because they're almost all paid off, I'm happy for those that will greatly benefit from it.
So, if you're like me and do plan on applying for the forgiveness, just know that yes, there is an application that you will have to fill out. Now, is that application ready yet? The answer is no. However, it will be made available before the repayment of federal student loans resumes. In fact, people can expect to be able to apply as soon as the second week of October. You'll have until December 31st to do so.
Once you complete the application and are approved, you should see the relief in about a month to a month and a half after that point.
You can find out even MORE information about the student loan forgiveness program HERE.