Biden is canceling up to $10K in student loans and all federal loans are paused until 12/31

President Biden announced that the Dept of Education will forgive up to $20,000 of federal student loan debt for Pell Grant recipients, and up to $10,000 for other qualifying borrowers. Biden also extended the federal student loan payment pause through Dec. 31.

Here are the things you need to know:

• If your yearly income is $125,000 or less, you will receive student debt relief! The amount depends on one thing.
• If you received a Pell Grant in college you will receive $20,000 in student debt relief.
• If you did not receive a Pell Grant in college you will receive $10,000 in student debt relief.
• Of course, both of these things remain contingent upon making $125,000 or less in yearly income.

Additionally, repayments have been postponed once again until 12/31 of this year and repayments will be capped at 5% of your monthly income.

Those receiving relief will most likely have to fill out an application verifying yearly income, however, for those whose income is already on file, the adjustment should be automatic.

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