The Biden-Harris Administration is committed to tackling the student debt crisis by providing critical support to student borrowers and advancing racial equity through targeted student debt relief. On August 24th, 2022, the Biden-Harris Administration announced a Student Debt Relief Plan that will result in approximately 20 million borrowers being relieved of all student debt, along with millions more who will see their debt burden significantly reduced. As part of this program, the U.S. Department of Education (ED) will provide up to $20,000 in student debt relief to Federal Pell Grant recipients, and up to $10,000 in debt relief for all others. The program is targeted to provide the most benefit to those with the most need and will be extended to any borrowers with debt held by ED whose individual annual income is less than $125,000, or less than $250,000 for households. It will additionally help fight the racial wealth gap – nearly 71% of Black undergraduate borrowers and 65% of Latino undergraduate borrowers are Pell Grant recipients. Sign up at the Department of Education subscription page to be notified when the process has officially opened. You’ll have until December 31st, 2023, to apply.
Read more about the Biden-Harris Administration’s commitment to student borrowers here.
