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Answering your questions about the student loan forgiveness program

MINNEAPOLIS — If you’ve got student loans, listen up. The Department of Education has started taking applications for the student loan debt relief program.

The White House expects 43 million Americans will benefit from the plan and 20 million will see their remaining balance canceled.

You don’t have to go far to find someone feeling the burden of student loans.

“I’m working four jobs right now. So just trying to pay those back,” said Stone Goomanson, of Minneapolis. “I came out of grad school with about $17,000 in loans, so better than a lot of my peers.”

It should come as no surprise that there’s excitement for the student loan debt relief program. A beta version of the application website launched last night.

To qualify, single people need to have made less than $125,000 last year, or $250,000 for married couples.

And a lot of Minnesotans could soon be on that list. According to the Department of Education, more than 780,000 Minnesotans have outstanding federal student loan debt, which, combined, is worth more than $26 billion.

Those already seeking relief say it’ll make a big difference in their finances and their futures.

The forbearance on student loan payments, which started during the pandemic, is still in effect, but payments are set to resume in January.


Source: CBS Minnesota

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