According to “The Biden-Harris Administration’s Student Debt Relief Plan Explained” to be eligible for President Joe Biden’s student loan relief, borrower’s income must be under $125,000 for individuals, and $250,000 for married couples. The Pell Grant Program is America’s most effective financial aid program. The Pell grant has helped 60% of Americans. If you received the Pell Grant and meet the income requirements, you will get a $20,000 relief from your student loans. If you did not receive a Pell Grant but you still meet the income requirements you will get a $10,000 relief.
If the U.S. Department of Education has your income information your relief will be automatically processed. If not, then it is advised to apply for the relief before Nov.1, 2022. Any enrollments after that date will not be eligible for the student loan relief. Employees in a non-profit, federal state, local government, or in the military, may be eligible to have all student loans forgiven. This is possible through the Public Service Loan Forgiveness Program. Visit PSLF.gov to learn more.
Reasoning for the student loan relief is explained at The White House site. President Biden hopes to help the students that wish to continue their education after high school. The student loan relief is predicted to help around 43 million borrowers.
“nearly One-third of borrowers have debt but no degree.”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/
Visit links above if you have any questions or want to know more about the student loan relief.