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Will You Receive Relief Through The Biden-Harris Administration Student Debt Plan?

todayAugust 31, 2022 33

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Jordan Young

News Director

Last week the Biden administration announced its long-awaited plan on a pillar campaign promise of student loan forgiveness. The announcement came after months of inner administration talks on how to fulfill President Biden’s promise. 

Upwards of 43 million Americans can expect some sort of relief. The plan will remove up to $20,000 of debt for Pell Grant recipients; Pell Grants are a type of aid available to low-income undergraduate students. Around 60% of student debt holders are Pell Grant recipients. Non-Pell Grant loan recipients can have up to $10,000 of student debt removed. Under the debt relief plan, only federal loans are subject to be removed, meaning no private education loan will be eligible. 

Are Current Students Eligible? 

The answer is yes, current Texas State students will be eligible to have some of their student debt removed if they meet the eligibility requirements. To have access to the student debt relief program borrowers must have an individual income under $125,000 and $250,000 for married couples. If you are a dependent as many college students are if your parent’s 2020 or 2021 taxes show an income at or below the threshold you are eligible for debt relief. 

Do I need to Apply?

According to the White House, the final pause of student loan payments will end on December 31, 2022. The Department of Education advises debt relief seekers to apply before November 15th to receive relief before the payment pause ends. However, the Department of Education will accept applications after the final payment pause. 

When Can I Expect the Aid?

8 million Americans will automatically receive debt relief since the government already has the necessary information for relief. If you are not a part of the 8 million, once you submit your application if you qualify for it should arrive within 4-6 weeks. 

Below are important links regarding the student debt relief plan

https://www.whitehouse.gov/publicserviceloanforgiveness/?utm_source=pslf.gov

https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/

https://studentaid.gov/debt-relief-announcement/

https://studentaid.gov/pslf/

Written by: Jordan Young

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