In August, the Biden administration announced the long-anticipated plan for the cancellation of student loan debt for many student loan borrowers. This has been a controversial political topic for many, but a sigh of relief for millions of low- and middle-income families who have been struggling to pay off their college education (plus exponential interest), in some cases, decades after completion of their degrees.
For those who qualify for relief, the Department of Education will forgive up to $10,000 in federal student loan debt for non-Pell Grant recipients and up to $20,000 for Pell grant recipients. If you want to confirm whether you received a Pell grant, you should create and/or log in to your Federal Student Aid account.
