There are many looming questions on the heels of The Biden Administration’s student loan forgiveness initiative. WSFL-TV Trusted Advisor, Chad Van Horn of Van Horn Law Group, joined Inside South Florida to help you with your unanswered questions.
“It's looking like we're going to get $10,000 worth of federal student loan forgiveness. It's very important that you know whether your loans are federal or private,” says Van Horn. “It's very important that you consolidate these federal student loans and get into the right program. If you don't, you might not qualify.”
There are income-based restrictions to qualify for student loan forgiveness.
“Regardless of the amount of debt that you have, you may be able to qualify for loan forgiveness. The initial proposal of $10,000 is for anybody that makes less than $150,000 a year,” says Van Horn. “If you have joint income with your spouse, that amount is doubled. If you have more than $10,000 in debt, you can still qualify for loan forgiveness by getting into one of the income-driven repayment programs.”
For more information, visit vanhornlawgroup.com
This Inside South Florida segment is paid for by Van Horn Law Group.
