Who qualifies for the latest student loan relief plan?

If you think you don’t qualify for student debt relief, there may be some hope. The new student debt relief plan announced by the Biden Administration makes money available to qualified individuals.

Borrowers with undergraduate loans will have their payments reduced from 10% to 5% of their discretionary income. Those who have undergraduate and graduate loans will pay a weighted average between 5% and 10% of their income based upon the original principal balances of their loans. Pell Grant recipients will qualify for up to $20,000 in debt cancellation, and some non-Pell Grant students may qualify for up to $10,000 in debt cancellation. Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for married couples. No high-income individual or high-income household — in the top 5% of incomes — will benefit from this action.

The Biden-Harris administration also pledged to fix problems in the student loan system. The administration said it has already canceled more than $116 billion in student loan debt for 3.4 million Americans.

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