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Student loan forgiveness: Do you qualify in the Carolinas?

Whether or not you qualify for the SAVE Plan is going to depend on your repayment history within the past 20 to 25 years, so this would not include recent graduates.

CHARLOTTE, N.C. — Student loans are set to start back up in just about three months, but there is more relief on the way for thousands of borrowers.

New data shows thousands of people in the Carolinas could have their student loans canceled.

Whether or not you qualify for the SAVE Plan is going to depend on your repayment history within the past 20 to 25 years, so this would not include recent graduates.

WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.

The Biden-Harris Administration has approved 804,000 borrowers for $39 billion in federal student loans for automatic discharge this summer. The SAVE Plan applies to people on an income-driven repayment plan, which is a payment plan that is adjusted based on income and family size, and eligibility depends on your repayment stretching back at least two decades.

The vast majority of borrowers will be eligible to save money through that plan.  

The SAVE Plan impacts about 42,000 people in the Carolinas, about 25,000 people in North Carolina alone clearing more than $1.1 million in debt, and more than 16,000 in South Carolina totaling roughly $855. 

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The Biden Administration says the goal is to bring financial relief to a burden that weighs down on families for decades, which is the most driven repayment plan in history. A lot of Republicans are still not on board with the plan, including North Carolina congresswoman Virginia Foxx who says this plan ruins our education financing system.

WCNC Charlotte's Where's The Money series is all about leveling the playing in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.

 

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