What's known, at least so far, about Biden's "student loan relief program"
Following more than a year of speculation, President Joe Biden today announced the tentative plans for the White House's "student loan relief program."
Currently, there are still more questions than answers. If you currently have outstanding student loan debt and are wondering it your debt will be cancelled, perhaps your best bet is to keep an eye on the United States Department of Education's "Federal Student Aid" website in the coming weeks and months. That government website can be found by CLICKING HERE.
The press release made a reference to "claiming the relief," which most likely means that student loan debt holders must file or apply for the relief, at some point in the future. The nuts and bolts of that process are not yet clear, however.
However, several things are already known. According to the White House's official press release, the federal government will provide "up to $10,000 in debt cancellation to non-Pell Grant recipients," as well as "up to $20,000 in debt cancellation to Pell Grant recipients."
There's also an income cap – $125,000 in individual annual income or $250,000 for married couples