How to find out if you're eligible for federal student loan relief
BALTIMORE -- President Biden has announced a plan to cancel up to $20,000 in federal student loan debt for eligible Americans. Here's how you can find out if you qualify.
Borrowers who earn less than $125,000 per year will qualify for up to $10,000 in loan forgiveness. Those who have received Pell Grants are eligible for an additional $10,000 in relief.
The White House says that around 43 million borrowers will benefit from the debt forgiveness portion of the plan that was announced on Wednesday.
President Biden announced Wednesday he is forgiving up to $10,000 in federal student loan debt for millions of Americans and an additional $10,000 for low-income borrowers while extending a pause on monthly payments. https://t.co/vdXVbh0lH4
— WJZ | CBS Baltimore (@wjz) August 24, 2022
In addition to the loan forgiveness plan that was announced, President Biden also extended the student loan payment pause that is currently in place through December 31.
To learn if you're eligible for relief from federal student loans and for more information, visit StudentAid.gov or click here.