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.

alor1348 jeff
Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, 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.