Biden-Harris Administration’s Student Debt Relief Plan
Last month, President Biden announced his Administration’s plan to provide student debt relief to eligible borrowers. The purpose of this newsletter is to inform you of the details regarding eligibility.
Who is eligible?
You are eligible if you have most federal loans (including Direct Loans and other loans held by the U.S. Department of Education) and your income for 2020 or 2021 is either:
- Less than $125,000 for individuals
- Less than $250,000 for households
If you are a dependent student, your eligibility is based on your parental income.
What you might be eligible for
- Up to $20,000 in debt relief if you received a Pell Grant in college
- Up to $10,000 in debt relief if you didn’t receive a Pell Grant
We hope that this answers any questions you have regarding eligibility for student debt relief. It is expected that the U.S. Department of Education will launch a short online application in October where you can then apply. You can find additional details and frequently asked questions here. Please feel free to contact our office with any additional questions.