Hey Reader!

Wanted to send a quick note to you to let you know that late yesterday Biden released the official application for his $10,000 (or $20,000) in student loan forgiveness.

(If you need a refresher on what this is and how it works, click here.)

The bottom line is that there is little (if any) downside to completing the application ASAP.

The form is actually VERY simple. You'll need your social security number and you'll need to confirm that your income is below the required threshold for your filing status (e.g. single, married filing jointly).

Don't forget your income needs only be below the thresholds for EITHER 2020 OR 2021.

There are some court challenges to this forgiveness, so it might not happen. But I suspect if you apply for and receive forgiveness early, you almost certainly won't get it taken back. So complete the application right now! (And then cross your fingers 🤞)

From what I'm hearing, folks suspect that if there is a court injunction before the end of the week, this forgiveness will probably get slowed down - or entirely blocked. But if there isn't an injunction by week's end, cancellation will likely begin to happen.

After you submit the application, it'll probably take about 4 to 6 weeks for you to receive cancellation.

Other things to keep in mind!

If you want the latest information on managing your student loans, I suggest your subscribe to the Student Loan Planner email.

Student Loan Planner also offers consults on how to best manage your student loans, and I refer folks to them all of the time. If you're looking for a team to quickly assess the best approach to manage your student loans, I really think they're the place to go.

I'd especially recommend you consider their consult if you're pursuing Public Service Loan Forgiveness or if your hold any older FFEL loans. (One sure sign you're holding some FFEL loans is if your payments weren't paused during the pandemic.)

As with any service or product I recommend, I don't receive any financial commission or kick-back from recommending Student Loan Planner. (That's part of my fiduciary oath as a fee-only financial planner.) I just think they are rock stars at helping folks sort through the student loan mess.

If you have any questions or concerns, hit reply and let me know what's on your mind!


Hi there! I'm a financial planner for therapists!

I help therapists navigate every element of their financial lives: from understanding your practice P&L and building a personal budget to managing student loan debt and investing for retirement... and everything in between. But don't let my love of the tax code and spreadsheets scare you off! You're just as likely to find me with my nose buried in one of Pema Chodron's books as reading up on the latest financial planning techniques.

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