Student Debt Cancellation
On August 24, 2022, the Biden-Harris Administration announced a three-part plan to aid low- and middle-income student loan borrowers. One of the steps of this plan will provide debt cancellation to current students and borrowers with undergraduate, graduate, and parent PLUS loans held by the Department of Education. Borrowers are eligible for this relief if their individual income is less than $125,000 or household income (married couples or heads of households) is less than $250,000. Eligibility for borrowers who were dependent students in 2021-2022 will be based on parental income. The first disbursement of the loan must have occurred before July 1, 2022 to qualify.
- Students who received a Pell Grant in college and meet the income threshold will be eligible for up to $20,000 in debt cancellation. Not sure if you received a Pell Grant? Log in at https://studentaid.gov/dashboard to review your financial aid history.
- Students who meet the income threshold who did not receive a Pell Grant will be eligible for up to $10,000 in debt cancellation.
Read more about the one-time, pandemic-related loan cancellation and other federal student loan relief efforts by clicking on the links below:
- Federal Student Aid (FSA) FAQ Fact Page: One-Time Student Loan Debt Relief
- FSA: The Biden-Harris Administration's Student Debt Relief Plan Explained
- U.S. Department of Education: Biden-Harris Administration Announces Final Student Loan Pause Extension Through December 31 and Targeted Debt Cancellation to Smooth Transition to Repayment
- U.S. Department of Education Subscriptions Page - Sign up here to receive federal student loan borrower updates.