The U.S. Department of Education and the Biden-Harris Administration have announced loan forgiveness plans to help working- and middle-class federal student loan borrowers transition back to regular payment as pandemic-related support expires. This plan includes loan forgiveness of up to $20,000 for prior Pell-Grant recipients and up to $10,000 for all other loan borrowers. To be eligible, the borrower’s annual income must be below $125,000 (individuals) and $250,000 (married couples/heads of households). If the U.S. Department of Education doesn’t have your income data — or if you don’t know if the U.S. Department of Education has your income data — the Administration will launch a simple application in the coming weeks. Borrowers can view their loan balances and check their Pell Grant status by logging into their Federal Student Aid account online at studentaid.gov.
Please visit https://studentaid.gov/debt-relief-announcement for the most up-to-date information.
If you want to be notified by the U.S. Department of Education when the application is open, please sign up on the Department of Education subscription page. You will have until Dec. 21, 2023 to apply.