Biden Announces Student Debt Relief
September 20, 2022
On August 24, 2022, President Biden announced a student debt relief plan which includes the following:
- Another extension of the pause to repay student loans through December 31, 2022. This is to allow time for students to enroll in the debt relief programs, if eligible. Student loan payments will resume again in January 2023.
- Debt relief of up to $20,000 for Pell Grants or $10,000 for Non-Pell Grants for individuals with income less than $125,000 if single or $250,000 if married filing jointly.
- Debt relief of all student debt for those who have worked in public service for 10 years or more (even if not consecutively).
- Proposed new student loan system, which changes repayment requirements for student loans and shortens the term for which loans can qualify for forgiveness.
To read about these topics in more detail and identify whether you may benefit from this student debt relief plan our full article can be found here.
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Gatto, Pope & Walwick, LLP
Certified Public Accountants