Skip to Content

Student Loan Relief

President Biden announced plans to cancel up to $10,000 in federal student loan debt for borrowers earning less than $125,000 or households earning less than $250,000. The Administration will also cancel up to $20,000 for Pell Grant recipients, as well as extend the student loan payment pause until December 31st, 2022. This is great news for the millions of Americans who have been drowning in student loan debt. A college education should bring prosperity, not the crushing burden of a lifetime of debt.

An application for forgiveness will become available in early October. Borrowers who would like to be notified once the application opens can sign up here. The expected timeline for relief after completing the application is 4-6 weeks. Approximately 8 million borrowers will receive relief automatically since the U.S. Department of Education already has their relevant income data. However, borrowers can still complete an application if they are unsure whether the department has their income data. U.S.E.D. is advising borrowers to apply before November 15th to receive relief before the end of the payment pause but will continue to process applications after payments resume. You can read more about this on the FSA website.

Additionally, information regarding the payment pause extension, including information about requests for refunds for payments made during the payment pause, can be found here.