10/04/2022
Here’s an update on the Biden-Harris Administration’s Student Debt Relief Plan🗣🗣
In August, President Biden announced his Administration's plan to provide student debt relief to eligible borrowers and give working and middle-class Americans more breathing room.
Who's eligible?
You are eligible if you have most federal loans (including Direct Loans and other loans held by the U.S. Department of Education) and your income for 2020 or 2021 is either:
Less than $125,000 for individuals
Less than $250,000 for households
If you are a dependent student, your eligibility is based on your parental income.
What you might be eligible for?
Up to $20,000 in debt relief if you received a Pell Grant in college
Up to $10,000 in debt relief if you didn’t receive a Pell Grant
How it’ll work?
In October, the U.S. Department of Education will launch a short online application for student debt relief. You won’t need to upload any supporting documents or use your FSA ID to submit your application.
Once you submit your application, they’ll review it, determine your eligibility for debt relief, and work with your loan servicer(s) to process your relief. They’ll contact you if we need any additional information from you.
More updates will be provided as they’re administered by the U.S. Department of Education
