President Biden’s Student Loan Relief Plan
On August 24, 2022, the Biden administration announced a historic three-part plan to help address student debt – by providing targeted federal debt relief, easing the transition back to repayment, and working to make the student loan system more manageable. Using current pandemic relief authority, the President’s plan provides income-contingent one-time federal loan relief of up to $10,000 in education debt cancellation for non-Pell Grant recipients, and up to $20,000 in debt cancellation to Pell Grant recipients.
President Biden’s plan also includes recommendations to make loan payments more manageable in the future – for more info see the White House Fact Sheet on Student Loan Relief. As more details regarding federal student loan relief are released by the U.S. Department of Education, we will share additional resources here. Visit studentaid.gov/debt-relief-announcement/ for the most up-to-date information, and please note that the details above may be subject to change.
After reviewing this information, if you still have further questions about your potential loan relief eligibility, please feel free to contact the LIM College Office of Student Financial Services at sfs [at] limcollege.edu or 212-752-1530 x389. LIM College alums who graduated within the past three years can also obtain free loan repayment counseling and assistance from our partner, ECMC Solutions, at 877-331-3262.