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Biden-Harris Administration Announces Final Student Loan Pause Extension Through December 31 and Targeted Debt Cancellation to Smooth Transition to Repayment

On August 24, 2022, President Biden announced that the US Department of Education will forgive $10,000 in student loan debt to existing borrowers who received loans by 6/30/22 with incomes below $125K (or $250K for married couple), and $20,000 to those who also received Pell Grant assistance as an undergraduate.  

At the same time, the pause in student loan repayment and interest that began in March 2020 will be extended one last time to December 31, 2022.  There are also proposed regulations to simplify repayment obligations and minimize the accumulation of interest.

Information continues to be updated by the Department of Education. You can learn more at https://studentaid.gov/debt-relief-announcement/ or by reviewing their FAQ's at https://studentaid.gov/debt-relief-announcement/one-time-cancellation

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