Student loan forgiveness applications could open within weeks. Take these 4 steps now to get ready

Student loan forgiveness applications could open within weeks. Take these 4 steps now to get ready  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, AUG 31, 2022 YOUR WEALTH Editor's Note The Biden administration's student debt relief plan was, of course, very big news that impacted tens of millions of Americans. While it was a reason for celebration for students and parents alike, it also caused a whole lot of confusion. So, when President Biden announced the details of his student loan forgiveness plan last week, the CNBC personal finance team went into action. The team covered this complicated story from every angle. My team of reporters delivered timely, accurate and informative stories and provided the CNBC audience with everything they needed to know about that student loan forgiveness plan. Our coverage that day broke down what was really important for the readers to know and understand. To that point, the team produced 10 stories the day of the Biden announcement, and we provided another 10 stories in the days that followed. Stories included an overview of the plan; an explainer on how to figure out whether you qualify for student loan forgiveness; and how Pell Grant recipients can get $20,000 in student loan forgiveness instead of $10,000 and how to check if you qualify. We also took a look at how some borrowers can get a refund on pandemic student loan payments and maximize forgiveness. We explained how loan forgiveness only applies to federal loans. It doesn't apply to private loans like Sallie Mae, LendKey or Sofi. We also detailed how the student loan repayment will be paused until Dec. 31. This is the final and last time the student loans will be extended. Payments will resume in January. The team also looked at the 13 states that may hit borrowers with up to $1,100 in state tax liability on forgiven student loans and how to know if your debt cancellation will trigger a tax bill; how scammers are using student loan forgiveness as bait, and some tips to protect yourself; and how the student debt forgiveness plan may cost taxpayers an average of $2,000. So, why was the loan forgiveness plan such an important story to cover? While there are varying opinions (pro and con) on the plan, supporters of student loan cancellation say wide-scale forgiveness offers multiple benefits. This includes economic stimulus, reduction of disparities and financial relief for student loan borrowers to get married, start a family, buy a home, save for retirement or start a business. We will continue our news coverage on this important topic. If you are a borrower and would like to share your story, please feel free to reach out to CNBC reporter Annie Nova (annie.nova@nbcuni.com) who has been leading the student loan coverage. For more cool stuff like this, be sure to visit CNBC's Financial Advisor Hub and Personal Finance section. Jim Pavia Senior Editor, Personal Finance @JIMPAVIA Student loan forgiveness applications could open within weeks. Take these 4 steps now to get ready The U.S. Department of Education may have its application for student loan forgiveness up and running within the next few weeks. Here's how to prepare. Borrowers could get up to $300 back in their monthly budget from student loan forgiveness. Here's how to use that money President Joe Biden's student loan forgiveness plan gives borrowers a chance to better their financial standing. Experts weigh in on how to make the most of it. Credit scores still sit at all-time high, despite some 'deterioration' in how Americans are faring financially Even as consumer debt rises, the national average credit score still sits at an all-time high of 716, unchanged from a year ago, according to FICO. Even with two checks in September, Supplemental Security Income benefits fall short. Here's how the program could be updated A calendar quirk means disabled and elderly beneficiaries in this federal program will receive two checks in September. But that's not extra money. Inflation drives long-term care costs even higher. Here's how planning ahead can help families afford it High inflation will likely make the rising costs more difficult for many families to afford already expensive long-term care for ailing or elderly relatives.  Home prices weakened in June, but were still much higher than a year ago, says S&P Case-Shiller Home prices in June were 18% higher than during the same month last year, according to the S&P CoreLogic Case-Shiller Indices. Mortgage rates will fall to 4.5% in 2023? That's the estimate from Fannie Mae. Here's what that means for homebuyers Fannie Mae says mortgage rates could fall to 4.5% next year. But prospective homebuyers shouldn't use predictions as a primary guide to purchase decisions. IRS to refund a 'very welcome' $1.2 billion in late-filing fees for nearly 1.6 million taxpayers The IRS will waive penalties for many Americans who late-filed tax returns during the pandemic. Here's how to know if you qualify. Op-ed: September is historically the worst month of the year for stocks, but recent strength suggests the market could buck the trend It's reasonable to expect a better-than-usual September, typically the worst month for stocks. Much of the annual de-risking took place earlier in the year. Is this chart going up or down? "You'd be amazed at how many financial advisors, insurance brokers acting as financial advisors, financial planners, wirehouse wealth managers, financial consultants and other assorted intermediaries in this business could not for the life of them look at this chart and give you a straight answer ..." CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2022 CNBC LLC. All rights reserved. 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