The American Rescue Plan: How It Can Help With Student Loan Debt?
The American Rescue Plan: How It Can Help with Student Loan Debt?
What Is the American Rescue Plan?
The American Rescue Plan is a $1.9 trillion COVID relief package signed into law by President Biden in March 2021. The plan is designed to help Americans who have been financially impacted by the pandemic by providing funds for things like unemployment insurance and assistance for small businesses. It also includes provisions for student loan debt relief, which could be a big help for those struggling with student loan debt.
How Can the American Rescue Plan Help With Student Loan Debt?
The American Rescue Plan includes provisions that will provide relief to those with student loan debt. Specifically, the plan provides that the federal government will pay the remaining balance of any eligible student loan debt. This means that if you have an outstanding student loan balance, the federal government will pay off the remaining balance of that loan. This could be a huge help for many Americans, who are struggling to make payments on their student loans.
Who Is Eligible for Student Loan Debt Relief Under the American Rescue Plan?
In order to be eligible for student loan debt relief under the American Rescue Plan, you must meet certain criteria. First, you must have an outstanding student loan balance. Second, you must be a U.S. citizen or permanent resident. Third, you must not be in default on any of your student loans. Finally, you must have taken out your loan(s) before December 31, 2020.
How Much Student Loan Debt Relief Will I Get Under the American Rescue Plan?
The amount of student loan debt relief that you will receive under the American Rescue Plan will depend on the amount of your outstanding loan balance. Generally speaking, the more outstanding loan balance you have, the more relief you will receive. However, the exact amount of relief that you will receive will depend on your individual situation.
What Should I Do If I Think I Am Eligible for Student Loan Debt Relief Under the American Rescue Plan?
If you think you may be eligible for student loan debt relief under the American Rescue Plan, the first step is to contact your loan servicer. Your loan servicer will be able to provide you with information about your eligibility and what steps you need to take to apply for relief. They will also be able to help you determine the amount of relief that you may be eligible for.
Conclusion
The American Rescue Plan includes provisions for student loan debt relief, which could be a big help for those struggling with student loan debt. In order to be eligible for relief, you must meet certain criteria and contact your loan servicer. Your loan servicer will be able to provide you with information about your eligibility and what steps you need to take to apply for relief. If you think you may be eligible, it is worth exploring the possibility of debt relief under the American Rescue Plan.
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