Student Loan Debt Relief
The Biden-Harris Administration and the U.S. Department of Education announced a Student Loan Debt Relief Plan to help federal student loan borrowers transition back to re-paying loans after the economic crisis brought on by the pandemic. This plan includes:
- An Extension of the Student Loan Pause
The student loan pause is extended a final time through December 31, 2022, with payments resuming in January 2023.
- Student Loan Debt Cancellation
The U.S. Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for for married couples or heads of households.
If the U.S. Department of Education doesn't have your income data, the Administration will launch a simple application which will be available by early October.
- Sign up for Federal Student Loan Borrower Updates at the Department of Education subscription page to receive email updates and notification
by the U.S. Department of Education when the student loan debt cancellation application
How to sign up:
1. Go to https://www.ed.gov/subscriptions.
2. Enter your email address.
3. Check the box for "NEW!! Federal Student Loan Borrower Updates".
- Login to your FSA account to view your Federal Direct Loans and Federal Pell grants at https://studentaid.gov/.
You will need an FSA ID to access your account. Information on creating and using your FSA ID is available at https://studentaid.gov/sites/default/files/creating-using-fsaid.pdf.
- Read FAQs and information about Student Loan Debt Relief at https://studentaid.gov/debt-relief-announcement and One-Time Student Loan Debt Relief at https://studentaid.gov/debt-relief-announcement/one-time-cancellation.