Student Loan Relief
On Wednesday, Aug. 24, President Biden announced a student loan relief plan to assist America’s working families as they continue to recover from the strains associated with the COVID-19 pandemic. The headline piece of the president’s plan is targeted debt relief, which will provide loan relief for up to 43 million borrowers. The loan relief includes:
- Canceling up to $10,000 in federal student debt for Americans earning less than $125,000 per year ($250,000 for couples)
- Canceling up to $20,000 for borrowers who received Pell Grants while they were in college.
In addition to the loan relief, the current pause on student loan payments will be extended one final time through the end of 2022.
While more information will be made available in the coming weeks, you, or someone you know, may benefit from the following information and resources:
- White House Fact Sheet
- Department of Education’s Student Debt Relief Plan Explained
- Department of Education’s Federal Student Aid page
- Department of Education’s subscription page – register here to be kept up to date on the developments as they are announced.
We will continue to communicate any new developments as they become available from the federal government.