On August 24, 2022, the Biden-Harris Administration announced their plan to provide student loan debt relief for students and parent loan borrowers. The current details of the plan provide forgiveness for Federal Direct Student and Federal Direct Parent Loans first disbursed on or before June 30, 2022.
The debt cancellation will be up to $10,000 for borrowers with individual income of less than $125,000 or $250,000 for households. Students who received a Federal Pell Grant while attending college may receive up to $20,000 in debt cancellation.
Details are evolving on this new initiative. Students and parents can find more information concerning the announcement at https://studentaid.gov/debt-