How do I get my student loans forgiven? Qualifying for Biden's debt relief, explained.
President Joe Biden announced Wednesday he will provide $20,000 in debt relief to Pell Grant recipients and $10,000 for many other borrowers.
The president also announced an extension of the pandemic pause on student loan payments through the end of this year. Payments will resume in January 2023.
How do I apply?
The application will be available mid-October, officials said.
Who qualifies for Biden's student loan forgiveness?
Undergraduate and graduate students are expected to receive forgiveness of up to $10,000 in federal student loan debt for borrowers making under $125,000 a year or couples making less than $250,000 a year. Private loans will not be forgiven.
Students who borrowed money under the Pell Grant program for low-income students will qualify for up to $20,000 in debt forgiveness.
How to get student loan forgiveness
The Education Department said nearly 8 million borrowers are likely to have their loans forgiven automatically because the agency already has information about their income.
More details for them and other borrowers will be coming in the next few weeks.
The remaining borrowers will have to apply for loan forgiveness, and the applications will be available "no later" than Dec. 31, when the freeze on student loan payments ends.
Want to dig deeper?
- Have more questions? Here's even more about Biden's student loan forgiveness plan
- Payments refunded? Can you get back student loan payments made during pause?
- What is a Pell grant? Who qualifies? Here's the details.
- Biden's student debt plan could be a boon for Democrats. But it's a major gamble.
- The news: Biden will forgive up to $20,000 in student loan debt and extend payment pause
Contributing: Chris Quintana