Debt Relief Announcement
On August 24, 2022, Federal Student Aid and the Biden Administration announced federal loan forgiveness plans of up to $20,000 for prior Pell Grant recipients and up to $10,000 for all other federal loan borrowers. To be eligible, the borrower’s annual income must be below $125,000 (individuals) and $250,000 (married couples/head of households).
The most comprehensive resource on loan forgiveness is the U.S. Department of Education’s website. There you will find information about who qualifies for loan forgiveness, how to access that loan forgiveness and how loan repayment will proceed in the future.