The Biden-Harris administration has recently opened the application for a new one-time Federal Student Loan Debt Relief initiative where eligible borrowers can get a full or partial discharge of loans up to $20,000 for Pell grant recipients and up to $10,000 for recipients of Federal loans which did not include Pell grants.
Borrowers who seek loan forgiveness must:
- Be seeking forgiveness for loans that were accrued before June 30, 2022.
- Be an individual earning less than $125,000 annually or file their taxes jointly in a household earning under $250,000 annually.
- Be seeking forgiveness for FEDERAL loans. Private loans are not eligible for debt relief.
When should you apply?
Filling out the application is easy and takes about 5 minutes. You don’t need to log in or provide any documents.
The application closes on December 31, 2023
For more information visit: https://studentaid.gov/manage-loans/forgiveness-cancellation/debt-relief-info.