On Aug. 24, 2022, the Biden-Harris Administration announced a Student Debt Relief Plan that includes one-time student loan debt relief targeted to low- and middle-income families.
The U.S. Department of Education (ED) will provide up to $20,000 in debt relief to Federal Pell Grant recipients and up to $10,000 in debt relief to non-Pell Grant recipients. Borrowers with loans held by ED are eligible for this relief if their individual income is less than $125,000 (or $250,000 for households).
Here is a quick “Frequently Asked Questions” page about the One-Time Student Loan Debt Relief.
You can sign up here U.S. Department of Ed Subscriptions to receive updates about the Department of Ed’s plans to implement the President’s directive.
You’re eligible for student loan debt relief if your annual federal income was below $125,000 (individual or married, filing separately) or $250,000 (married, filing jointly or head of household) in 2021 or 2020.
Here’s what you can do to get ready and to make sure you get updates:
The application will be available online by early October 2022.
We’ll share updates on this page.
And here is more general information about the government’s different loan forgiveness programs: Student Loan Forgiveness.
You might be contacted by a company saying they will help you get loan discharge, forgiveness, cancellation, or debt relief for a fee. You never have to pay for help with your federal student aid. Make sure you work only with the Federal Department of Education and their trusted partners, and never reveal your personal information or account password to anyone. Federal emails to borrowers come from firstname.lastname@example.org, and emails from the school have a .edu email address.