GETTING ANSWERS: How do I know if I qualify for student loan forgiveness?

Published: Jun. 21, 2022 at 8:52 PM CDT
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SHREVEPORT, La. (KSLA) - According to Forbes, there are approximately 2.4 million borrowers who have private student loans. With many borrowing money to pay for school, some KSLA viewers have reached out to see how to qualify for loan forgiveness.

First you’ll need to go to the U.S Department of Education’s website. Once on the site, you’ll click on the “Student Loans” tab. From there, you’ll see a column that says “I already have a loan” and click on the “Cancel student loans” option.

You’ll be directed to the Federal Student Aid website. On this page you’ll find all the information pertaining to student loan forgiveness, including who qualifies, how to apply and what the application process is like.

On average, students borrow nearly $40,000. There is more than $1.5 trillion in student debt owed in the U.S. According to the Chamber of Commerce, this debt is owed by 44.5 million people across all demographics, with two million of those people owing more than $100,000.

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