Federal Student Loan Forgiveness Plan

Updated Oct. 17, 2022

The Biden Administration announced a federal student loan forgiveness plan for those who received loans held by the U.S. Department of Education by 6/30/22 and who meet certain income requirements. Forgiveness is available for undergraduate, graduate, and parent federal loan borrowers based on the following parameters:

• Up to $10,000 loan forgiveness for existing borrowers with income below $125,000 for individual borrowers or $250,000 per household
• Up to $20,000 loan forgiveness for federal Pell Grant recipients with income below $125,000 for individual borrowers or $250,000 per household

A short application can be submitted between October 2022 and December 31, 2023. Visit studentaid.gov to access the application and for more details on the plan. Borrowers who have federally-held education loans may also view their loans and Pell Grants on studentaid.gov.