Released: September 29, 2022

Student loan debt relief program launches in October

Source: Herb Weisbaum, Checkbook

The Department of Education will provide up to $20,000 in debt cancellation with loans held by the federal government to Pell Grant recipients, and up to $10,000 in debt cancellation to non-Pell Grant recipients.

To be eligible for this relief, your 2020 or 2021 annual income must have been less than $125,000 (individual, or married but filing separately), or less than $250,000 (married couples filing jointly, or head of household).  Private (non-federal) loans are not eligible for the relief program.

While about 8 million borrowers will get debt relief automatically, most will need to apply.

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