President Biden Announces Student Loan Debt Relief Plan

Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education

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Up to $10,000 in debt cancellation to non-Pell Grant recipients

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Individual borrowers eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples)

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No high-income individual or high-income household – in the top 5% of incomes – will benefit from this action.

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Pell Grant is a form of need-based federal financial aid that typically does not have to be repaid

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It is awarded by the U.S. Department of Education to help eligible low-income students

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Help them to pay for college costs, including tuition, fees, room and board, and other educational expenses.

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Plan expected to provide relief to up to 43 million borrowers, including cancelling the full remaining balance for roughly 20 million borrowers.

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