How to Get Your Piece of the Student Loan Forgiveness Pie

Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend.

Subscribe: Apple Podcasts | Google Podcasts | Spotify | Amazon Music | RadioPublic | Stitcher | RSS

There is almost $1.75 trillion — that’s trillion with a “T” — in outstanding student loan debt in the United States.

People of all ages and walks of life are impacted by student loan debt. In fact, 22% of that debt is owed by people age 50 and older.

Well, no matter your age, student loan forgiveness is now on the table. The Biden administration recently announced a program to forgive up to $20,000 in debt for borrowers.

In this podcast, we discuss who qualifies for the forgiveness program and what you need to do to claim your slice of the pie.

As usual, host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. Today’s special guest is Robert Farrington, a student loan expert and the founder of The College Investor.

Remember, even though we sometimes talk about money and specific investments on this show, don’t take them as recommendations because they’re not. Before investing in anything or making any money moves, do your research and make your own decisions.

You can watch this episode below, or if you’d prefer to listen, you can do that with the player at the top of this article or download the episode wherever you get your podcasts:

Don’t forget to check out our podcast page for more episodes designed to help you make the most of your money and our YouTube page for more videos.

What’s in Biden’s student loan forgiveness package?

It’s not just kids. Baby boomers have more student loan debt than you might think. No matter your age, you might be eligible for student loan forgiveness due to the recent move by the Biden administration.

If you want to get rid of some of that debt, your first step is understanding what’s in the student loan forgiveness package. Check out the fact sheet offered by the Biden Administration. Here’s the gist of it:

  • Up to $20,000 total for those with Pell Grants and up to $10,000 total for others who qualify.
  • Income requirements: Up to $125,000 for single filers, and up to $250,000 for joint filers and those designated head of household.
  • Other proposals in the package include a new income-driven repayment program, earlier forgiveness for some borrowers, and higher Pell Grant amounts.
  • No interest accrual on income-driven plans as long as you’re making payments.

And to learn more about student loans, check out these resources:

Steps for getting student loan forgiveness

If you’re looking for forgiveness, our guest has the information, step by step. Some resources mentioned and steps to take include:

Meet this week’s guest, Robert Farrington, MBA

Robert Farrington
Robert Farrington / Money Talks News

Robert Farrington is the founder of The College Investor. He’s one of America’s top student loan debt experts and regularly talks about everything from paying for college to navigating student loan repayment.

Robert is also the editor-in-chief of Cult of Money, a website dedicated to personal finance for the crypto-curious.

Don’t listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They’re awesome for learning stuff and being entertained when you’re in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven’t listened to our podcast yet, give it a try, then subscribe. You’ll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Get smarter with your money!

Want the best money-news and tips to help you make more and spend less? Then sign up for the free Money Talks Newsletter to receive daily updates of personal finance news and advice, delivered straight to your inbox. Sign up for our free newsletter today.