Student Debt Relief: What You Need To Know
Recently, The Biden Administration announced that they were rolling out a student debt relief program. This program had been on the horizon for a long time, and many people were anxious to learn about what it would entail. Here are the details:
For non-Pell Grant recipients who made under $125,000 (individual) or under $250,000 (families) in 2020 or 2021, they can apply for up to $10,000 in federal student debt relief.
For Pell Grant recipients who made under $125,000 (individual) or under $250,000 (families) in 2020 or 2021, they can apply for up to $20,000 in student loan debt relief.
The application for debt relief is now live through StudentAid.Gov, and is relatively straightforward to complete. The application requires:
Your name.
Your SSN.
Limited contact information.
Please note that the Department of Education may reach out to verify your income information if necessary. You apply by clicking here. It’s also important to note that the deadline to apply is December 31, 2022. Loan providers will contact you once your loan forgiveness has been processed and applied to your loan balance. If you have any questions, don’t hesitate to contact our team.
