The Biden-Harris Administration's Student Debt Relief Plan Explained
Forty-three million people will be eligible for loan relief under the Biden-Harris Administration’s student loan debt plan. And, nearly forty-five percent of those borrowers will have their loans fully cancelled. Watch as @SecCardona explains. Frequently Asked Questions: How do I know if I am eligible for debt cancellation? To be eligible, your annual income must have fallen below $125,000 (for individuals) or $250,000 (for married couples or heads of households) If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20,000 in debt cancellation. If you did not receive a Pell Grant in college and meet the income threshold, you will be eligible for up to $10,000 in debt cancellation. What does the “up to” in “up to $20,000” or “up to $10,000” mean? Your relief is capped at the amount of your outstanding debt. For example: If you are eligible for $20,000 in debt relief, but have a balance of $15,000 remaining, you will only re...