Student Loan Forgiveness: What Does This Mean for Barbers?

The student loan topic is never a fun one. Look, we get it. Student loans are sometimes super necessary in order to accomplish your goals. And for better or worse, it’s pretty seamless to get a student loan. But paying them off? Well, that’s way less seamless. 

If you’re a barber who took out a student loan to pay for barbering school, you probably know what we’re talking about. It was a great resource, but now, paying it back is stressful and challenging. And don’t even get us started on the interest aspect, right? 

But recently, the U.S. government (President Biden, specifically) announced a new policy for student loan forgiveness. You hear that phrase, and it’s hard not to get excited, right? Forgiveness. That means your student loans could be wiped clean, doesn’t it?

Well, maybe. This blog is going to discuss everything you need to know about the student loan forgiveness plan that’s supposedly going to roll out. 

If you’re wondering, “where do I sign up for student loan forgiveness?” we’ll cover that. If you’re curious about how much of your student loan will be forgiven, we’ll cover that, too. If you’re wondering if you even fall into the category of student loan forgiveness, we’ll make sure to go over that as well. 

Keep reading to learn more details about student loan forgiveness and how it applies to the barbering world. 

What’s the Deal with Student Loan Forgiveness?

You might be wondering where all the hot takes on student loan forgiveness came from all of the sudden. Let’s dive into that a little bit. In August of this year (2022), the United States government announced a plan for federal student loan forgiveness. This plan was meant to impact millions of students and provide relief and forgiveness for some student loans up to $20,000. 

Sounds too good to be true, right? Well, if all goes according to plan, it’s not. Of course, there are specifications that applicants should be aware of. The policy is not yet rolling out forgiveness as of the publication of this blog, but the program could start issuing forgiveness soon. 

Here are the main takeaways you should be aware of with the student loan forgiveness plan:

  • Students who did not receive a Pell Grant can receive up to $10,000 in forgiveness.

  • Students who did receive a Pell Grant could receive up to $20,000 in forgiveness.

  • The relief is eligible for those who make under $135,000 per year or are in households that make less than $250,000 per year.

  • The main qualification is that borrowers fall under the income cap. If they do, a lot of different kinds of loans qualify. That means about 37 million borrowers will be eligible.

  • Loans taken out after June 30, 2022, are not eligible for the forgiveness program.

  • If all goes according to plan, forgiveness applications will begin sometime in October (borrowers should check the website and stay up to date).  

It’s important to remember that, as a barber, you may or may not qualify for student loan forgiveness under this policy. Want to be sure that you do? Research, research, research. Chat with a representative from the site who can help you figure out if your application is valid. For more details, keep reading! 

Does Student Loan Forgiveness Apply to Barbers

You probably know just as well as we do that government policy is, well complicated. Even if their intentions are pure and just, their execution can sometimes be challenging and tricky. This policy plan is no exception. The question of whether or not barber’s student loans will apply to the forgiveness policy can be met with this swift answer–maybe. 

Of course, as a student, your barbering or cosmetology loans should apply. And, of course, if you meet the above criteria we discussed, it’s highly likely that you will fall into the student loan forgiveness category. 

If all of that rings true, you’re probably wondering why we’re being so cautious with a resounding “yep!” 

And honestly, that’s because policies are tricky. And even if there seems to be a blanket rule for how they should work, they often don't work that way. We’d hate to give you an answer that isn’t true, so we’re cautiously optimistic (and advise you to approach the same way) that your loans would be covered. 

Here are a few things we want you to continue to consider: 

  • This policy–like many government policies–isn’t necessarily set in stone. Though it’s “passed” by the president, it’s possible it will be met with contention. As a Harvard Law Professor in a CNBC article said, “the uncertainty for borrowers in the meantime is, I’m afraid, considerable.”

  • It’s hard to say if barbering student loans are considered applicable student loans by the language in the policy. It’s best to consult an expert. 

  • And finally, whether your loans apply for forgiveness will probably depend on factors like where you took out your loans, the type of loan, and the amount you still owe on your loans. That same CNBC article we quoted above said that the Department of Education is looking to work with private lenders to include borrowers that fall in that category. But that answer isn’t final yet. 

Not sure if this applies to you? Our best bet is to do a little research–that time is probably worth loan forgiveness. 

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