STUDENT LOAN BORROWERS
Pell vs. Non-Pell: Loan forgiveness of up to $10,000 is available to non-Pell Grant recipients and up to $20,000 for Pell Grant recipients. Only Federal Student loans are able to be forgiven. Loans held through a private lender are ineligible for this program.
No Surplus: It is the lower of the amount due on the loan or the above.
Income Cap: Borrowers with pandemic-era salaries under $125,000 (for individuals) or Owners under $250,000 (for married couples or heads of households) are eligible for relief.
Loan Dates: Federal loans taken out after June 30, 2022, do not qualify for loan forgiveness.
Application Process: Depending on your lender.
This document is designed for general information only. The information presented on this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship.
For more information on this and other topics, please contact Kevin via any of the channels listed below: 📧kevin@kmckernan.com or 📞718-317-5007