Biden Administration's Student Loan Debt Relief Plan
On August 24, 2022 President Biden announced that the Department of Education will provide up to $20,000 in targeted student debt cancellation to borrowers who have federal loans held by the Department. It’s important to know that the cancellation will be granted based on income.
In addition, it was also announced that the loan repayment pause has been extended through December 31, 2022. Borrowers can expect to go into repayment in January 2023.
If you are attempting to log onto studentaid.gov, you may experience delays accessing the website due to an extremely high volume of visitors as a result of this announcement.
Here are some helpful links that will answer some of the questions you may have about this announcement.
- FAQs and eligibility: https://studentaid.gov/debt-relief-announcement/
- View your Pell grant history: studentaid.gov (log in with your FSA ID)
- White House Press Release: https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/