Should You Apply for Student Loan Forgiveness?

Student loan forgiveness has been a hot topic these past few weeks, and for good reason. President Biden just announced that he would be passing the Student Debt Relief Plan. Not only does this plan forgive up to $20,000 of federal student loans for certain borrowers, it also extended the repayment pause on federal loans until the end of the year. The plan is also creating a new income-driven repayment plan for student loan borrowers. What does the plan mean and should you apply?

What does the student debt relief plan mean for borrowers?

If you (or a loved one) has been tirelessly throwing money at student loans for years, Biden’s Student Debt Relief Plan may be a breath of fresh air. But before you get too excited, you should know the plan isn’t a blanket of forgiveness covering student loans everywhere.

To receive student loan forgiveness, these things must be true:

  1. You have federal student loans.
  2. Your annual income is less than $125,000 or you have a household income of less than $250,000

If you have a Pell Grant through the Department of Education, (and you meet the above requirements) you should expect forgiveness for $20,000 of your total loan. If you don’t have a Pell Grant, you should expect $10,000 in student loan forgiveness.

Which loans are eligible for debt forgiveness?

Like we said earlier, only federal loans are eligible to receive forgiveness through the Student Debt Relief Plan. But ‘federal plans’ isn’t just a one-size-fit-all-category. Federal loans are direct loans through the William D. Ford Federal Direct Loan program. Those loans include subsidized, unsubsidized, Graduate PLUS, Parent PLUS, and some consolidated loans. You may also be eligible if you have:

  • Federal Family Education Loans (FEEL)
  • Federal Perkins Loan Program loans
  • Defaulted Federal Loans

For more specifics on eligible loans, visit You can also find more information on student loan forgiveness programs like Public Service Loan Forgiveness (PSLF).

How to apply for student loan forgiveness

If you meet the above requirements, you can apply for student loan forgiveness starting in early October through December 31, 2023 on Once you apply and are approved, you should receive forgiveness within about two months.

To apply, log in or create an account at

What you should know about debt forgiveness

The Biden Administration’s decision to forgive up to $20,000 of student loan debt comes as a breath of fresh air to so many borrowers-some who have been buried under the weight of intense debt. But not everyone’s story is the same. Some borrowers may have been sitting on their payments in the hope that President Biden would sweep away some of their debt. Whether you apply for student loan forgiveness or not, we would encourage you to make your own plan…one that doesn’t have you waiting on the White House for relief. A solid financial plan is the right next step-and we can help.

Speak with a SageSpring advisor today to create a solid plan for your future.

Jeffrey Dobyns
Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Jeff Dobyns has enjoyed extraordinary success providing comprehensive financial planning to retirees, entrepreneurs, entertainers, and executives by taking the time to truly know his clients, understand their goals and develop and execute their ongoing, strategic, financial plans.

Jeff earned his finance degree in business administration from Ohio University and has held executive positions with financial planning firms for more than two decades. After serving as Vice President of Investments of Lykins Financial Group, CPA’s, in his hometown of Westerville, Ohio, Jeff moved to Nashville, Tennessee to found SageSpring Wealth Partners in 2002. As its President, Jeff has led SageSpring to remarkable success, holding the distinction of being one of Raymond James’ top independent contractor offices, and a member of its Chairman’s Council*, every year since 2008.

Jeff’s true calling, however, is working directly with clients, helping them plan their financial futures in a manner that aligns with their values and helps provide them with financial confidence. To help meet these goals, Jeff leads the team of Dobyns Wealth Team and also incorporates the expertise of attorneys, accountants and other professionals to provide quality financial, tax and estate planning, and ongoing asset and risk management.

As independent advisory businesses, neither SageSpring Wealth Partners nor Dobyns Wealth Team hold any assets on behalf of clients, with such custodial and brokerage services being provided by Raymond James. As a leader in wealth management, Raymond James has an exemplary reputation and today serves more than $930 billion in client assets through 8,200 financial advisors worldwide (as of 9/30/2020).

In order to meet the highest standards of professionalism and ethics in the industry, Jeff is a CERTIFIED FINANCIAL PLANNERTM practitioner**, a Chartered Life Underwriter and a Chartered Financial Consultant. Jeff is also a participant of the Dave Ramsey SmartVestor program.

Jeff’s work and personal life are both guided by his faith and the Christian principles of honesty, generosity, compassion, and integrity. Accordingly, Jeff devotes considerable time and resources to a number of causes, including serving as a board member of Men of Valor, a prison ministry and mentoring program. He is also on the advisory board of The Signatry of Middle Tennessee, which works with families to increase their charitable giving to their favorite causes. Additionally, Jeff is on the advisory board for Halftime Institute, an organization that coaches marketplace leaders to discern and engage in their life purpose. Lastly, Jeff serves on the board of the Legacy Center of Nashville, a collaboration of independent coaching resources. He is a past board member of Porter’s Call, a Nashville charity that provides free counseling for musicians and their families, and the Martha O’Bryan Center, which empowers those in poverty to transform their lives through work, education, employment, and fellowship.

Jeff and his wife, Amy, are raising their family in Brentwood where they are members of the Brentwood Baptist Church, and their children, Gracyn, Hunter, and twins Tanner and Logan, attend the Christ Presbyterian Academy. For recreation, Jeff enjoys hunting, fishing and just being outdoors.

* Membership is based on prior fiscal year production. Re-qualification is required annually.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

SmartVestor is an advertising and referral service for investing professionals (“SmartVestor Pros”) operated by The Lampo Group, LLC d/b/a Ramsey Solutions (“Ramsey Solutions”). Pursuant to an arrangement between Ramsey Solutions, SageSpring Wealth Partners and your advisor, your advisor pays Ramsey Solutions a flat monthly fee to: (a) be a SmartVestor Pro, (b) advertise services through the SmartVestor website, and (c) receive client referrals in the form of an initial introduction to interested consumers who are located in your advisor’s Pros geographic region. SageSpring Wealth Partners does not endorse and are not affiliated with Ramsey Solutions, except with respect to the arrangement described above, and neither Ramsey Solutions nor its agents are officers or employees of SageSpring Wealth Partners. Further, neither Ramsey Solutions nor its agents are authorized to provide investment advice or act in any way on behalf of SageSpring Wealth Partners, except in connection with providing your contact information to your advisor.

Ramsey Solutions’ relationship and agreement is between SageSpring Wealth Partners only. Raymond James Financial Services, Inc. is not affiliated with the solicitor arrangement between Ramsey Solutions and SageSpring Wealth Partners.

Raymond James is not affiliated with any of the organizations mentioned above.