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