reports. The administration is canceling to $10,000 in federal student loans for those making less than $125,000 a year for individuals or $250,000 for married couples or heads of households, and up to $20,000 for Pell Grant recipients who meet the income threshold. Private loan holders are not included in the plan.
Still, some policy experts and loan servicers warn that delivering relief to borrowers could take longer.
Borrowers should prepare for the possibility that it could take"months" after submitting their application to see relief, Michelle Dimino, a senior education policy leader at public policy group Third Way, says."This is an enormous administrative lift …. It's not going to be immediate."released with Wednesday's announcement, the U.S.
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