President Joe Biden's student loan forgiveness plan could help 8 million people get automatic debt relief.
Overall, most people with federal student loans deserve some forgiveness.
This assistance is available to those who make less than $125,000 annually, or those who are married couples or heads of families who make less than $250,000.
If you recertified your income in 2021 or 2022 under an income-based repayment plan, you may qualify for automatic cancellation, said higher education expert Mark Kantrowitz.
For the FAFSA, you must file it for the 2022-2023 academic year. He said
Experts say that even if you think the government already has information about your income, you will still have to go through a formal application process once the application is opened. The event is likely to happen.
Kantrowitz said borrowers' accounts can show loan cancellations within six weeks.