Further, the forgiveness is non

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Legal challenges could alter the timeline or may result in the proposed plan not moving forward, though. What Is Biden’s Student Loan Forgiveness Plan?Biden’s student loan forgiveness plan is a program that aims to reduce the burden of student loan debt for qualifying borrowers. Qualifying loans will be eligible for up to $20,000 in loan forgiveness if the borrower was also a Pell Grant recipient and is under the income threshold of $125,000 for an individual or $250,000 for their household. ADVERTISEMENTFor students who didn’t receive Pell Grants, up to $10,000 in loan forgiveness is available if their income is below $125,000 for an individual or $250,000 for a household.



U.S. President Joe Biden speaks at a rally with Maryland Democrats at Richard Ecuador Phone Number List Montgomery High School in Rockville, Maryland on August 25, 2022. Photo Courtesy: Bryan Dozier/Anadolu Agency/Getty ImagesIn either case, this is a one-time student loan debt relief program. Borrowers will not be receiving any additional student loan forgiveness through this program, regardless of their income level or remaining balance.Additionally, only Department of Education-held loans — also referred to as federal student loans — are eligible for forgiveness, regardless of their servicer. Private student loans are not covered by this program.





Further, the forgiveness is non-refundable, so those who have balances below the maximum amount they are eligible for will see their debt cleared, but won’t receive the excess as a payment.Who Qualifies for Student Loan Forgiveness? Generally, any borrower with an income below $125,000 as an individual or $250,000 as a household is eligible for student loan forgiveness on their federal student loans of up to $10,000. For those who also received Pell Grants when they took out their student loans, they are potentially eligible for another $10,000 in student loan forgiveness, bringing their total amount up to $20,000.