Connect with us

Mississippi News

How to apply for student loan forgiveness

Published

on

Biden’s student loan application officially opened on Monday. Here’s how to apply

The Biden administration’s application for student loan forgiveness is officially open. The deadline to apply is Dec. 31, 2022. 

Eligible borrowers, among them hundreds of thousands of Mississippians, could see their balances erased within four to six weeks if they apply today, according to the U.S. Department of Education, the federal agency overseeing the plan. 

Borrowers who want to see their balances reduced before payments resume in January should fill out the form by Nov. 15. Loan repayment has been on pause due to the pandemic since March 2020.

Though the plan is facing a raft of legal challenges, President Joe Biden has said he believes it will prevail in court. The lawsuits have already resulted in the U. S. Department of Education making a number of tweaks to the program, including removing about 800,000 borrowers from eligibility whose loans are backed by the federal government but held by commercial banks. 

In late September, the Department of Education also announced that borrowers can opt-out of  loan forgiveness following a lawsuit that claimed the plan would unfairly harm borrowers who live in the six states, including Mississippi, that will tax student debt relief as income

That lawsuit was dismissed, though it’s unclear how Mississippi will carry out its plan to tax student debt relief as income because the federal government has directed servicers to not provide 1099-Cs – the tax form needed for filing debt cancellation.

READ MORE: Mississippi plans to tax student debt relief. But Paycheck Protection Program loans are tax exempt.

The Department of Education has said it will notify about 8 million borrowers who automatically qualify for relief. Borrowers in this group who’d like to opt out should contact their servicer by Nov. 14, according to the Washington Post. 

The form, available in Spanish or English, takes less than one minute to complete – it asks for name, date of birth, phone number, email address, and Social Security Number. The form will ask borrowers to attest that they meet the income limits, up to $125,000 a year.

Some borrowers may need to verify their income after submitting the application, but the Department of Education has said it will let them know. The Washington Post reported that borrowers “who present a higher likelihood of exceeding the income limit threshold” will likely be asked to submit documentation. 

Relief is capped at $10,000 for many borrowers and at $20,000 for borrowers who received Pell Grants in college. The form notes that income is calculated “based on your adjusted gross income (AGI), which tends to be lower than your total income.” 

To qualify, borrowers must have taken out student loans before July 2022. Current college students are eligible for relief if their parents make less than $125,000. Borrowers with private loans are not eligible. 

As many as 40 million Americans qualify for student debt relief, including 439,000 people in Mississippi. For nearly half of those Mississippians, the plan will wipe away student debt, according to an analysis by the Education Data Initiative. The average Mississippi borrower with federal student loans owes about $37,000, one of the highest average debts in the country. 

The Biden administration has cast the plan as a way to ameliorate the country’s racial wealth gap. In Mississippi, Black borrowers take on higher amounts of undergraduate student debt than those of other races, according to data from a recent National Postsecondary Aid study

Black students in Mississippi borrowed an average of $10,800 in undergraduate student debt during the 2017-18 school year, while borrowers of other races took out an average of $7,400. Black borrowers in Mississippi also took out more loans during the school year than the average Black borrower across the country, while borrowers of other races took on less debt than average. 

One legal challenge that claimed the Biden Administration violated the Equal Protection Clause because it “intentionally crafted the program to benefit borrowers of color” was dismissed two days after it was filed, USA Today reported

This article first appeared on Mississippi Today and is republished here under a Creative Commons license.

Mississippi News

Events happening this weekend in Mississippi: November 22-24

Published

on

www.wjtv.com – Kaitlin Howell – 2024-11-22 08:50:00

SUMMARY: This weekend (November 22-24), Mississippi offers a variety of events for everyone. Highlights include the Fleet Feet Coffee Run in Ridgeland, the Miss Magnolia State Pageant in Vicksburg, and the Handworks Holiday Market in Jackson. In Jackson, enjoy exhibits like “Dinosaurs Around the World” and “Of Salt and Spirit,” plus festive activities such as the “Magic of Lights” display and the “Journey to the North Pole” exhibit. In Hattiesburg, check out the Faculty Artist Series, the Pine Belt Holiday Expo, and the Ford Foundation Turkey Trot. Other events include markets, festivals, and live music throughout the state.

Read the full article

The post Events happening this weekend in Mississippi: November 22-24 appeared first on www.wjtv.com

Continue Reading

Mississippi News

Attorneys file motion to delay Jackson bribery trial

Published

on

www.wjtv.com – Kaitlin Howell – 2024-11-21 16:41:00

SUMMARY: In connection with the Jackson bribery scandal, attorneys for federal officials and local leaders filed a motion to postpone the trial to allow time for extensive evidence review, including hours of recordings and thousands of pages of documents. Key figures charged include Hinds County DA Jody Owens, Jackson Mayor Chokwe A. Lumumba, and Councilman Aaron Banks, each facing multiple counts of conspiracy related to bribery and fraud. The scandal involves alleged bribes amounting to over $80,000 related to a downtown development project, facilitated by individuals posing as real estate developers working with the FBI.

Read the full article

The post Attorneys file motion to delay Jackson bribery trial appeared first on www.wjtv.com

Continue Reading

Mississippi News

Family of Dexter Wade rallies outside JPD nearly two years after his death

Published

on

www.wjtv.com – Tia McKenzie – 2024-11-20 14:20:00

SUMMARY: Nearly two years after Dexter Wade’s death, his family continues seeking justice. On November 20, Dexter Wade Day was observed in Jackson, declared by Councilman Kenneth Stokes. Wade, hit by a Jackson police cruiser in March 2023, was later found in a pauper’s grave in Hinds County, and his mother, Bettersten Wade, was unaware of his death until August 2023. She believes his death was covered up. No arrests have been made, and authorities consider it an accident. Jackson Police Chief Joseph Wade expressed condolences and shared updates on new policies to prevent similar tragedies.

Read the full article

The post Family of Dexter Wade rallies outside JPD nearly two years after his death appeared first on www.wjtv.com

Continue Reading

Trending