SYRACUSE, N.Y. (WSYR-TV) — We’ve had more questions on student loan forgiveness. Will you end up being sorry for making a move you thought would save you money?

Do refinanced student loans qualify under the student loan forgiveness plan?

Back in August, President Biden announced student loan forgiveness, ranging from $10,000 to $20,000 for borrowers. The forgiveness is only for federal loans, including Parent PLUS loans.

In some cases, private loans offer a better interest rate than federal loans. Given this fact, you may have refinanced your federal education loans to get a lower rate.

Maximo Flint-Morgan, Director of Financial Aid for Le Moyne College, said those who refinanced their federal loans to a private loan, no longer qualify for the forgiveness.

Flint-Morgan said if you are thinking about refinancing to a private loan to get a better rate, you might want to think twice. He recommended speaking with a financial advisor to understand if refinancing makes sense in your situation.

Flint-Morgan said the latest guidelines from the Federal Department of Education show borrowers can start applying for federal forgiveness in October. The President’s plan faces legal challenges.

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