Biden to cut $20,000 in student debt from Pell Grant recipients. Here's who qualifies

[SheltieLover]

https://www.localmemphis.com/article/news/nation-world/pell-grant-biden-student-loan-debt-cancellation-plan-who-qualifies/507-b86b6dbc-e949-4b5e-8022-73dbcef97374

The move would wipe clean up to $10,000 in debt from borrowers making less than $125,000 per year. But for Pell Grant recipients, the White House plans to remove up to $20,000 in debt.

More at link. Apologies, cannot copy more. 😏

[Pisces]

1. Does this include students currently enrolled?

[SheltieLover]

2. I would hope so!

Not sure. Site not displaying correctly for me.

Great news for low income folks for sure!!!

[Pisces]

3. It does apply to current students. Just read in the NY Times

[SheltieLover]

4. Ty!

[mitch96]

5. I was curious. By relieving loan debt, who actually gets paid? The bank that made the loan?

The school that loaned the money?
So the schools got cash in the name of the student but where did the money come from?
Who is getting paid when the debt is forgiven?
There were some sleezy schools out there that suckered these kids into huge debt. Are they the ones getting paid?
m

[Rhiannon12866]

6. Biden to cut $20,000 in student debt from Pell Grant recipients. Here's who qualifies.

How do you know if you qualify for $20,000 in student loan relief instead of $10,000? Here’s what we know about Pell Grants and the student loan forgiveness plan.

WASHINGTON — President Joe Biden on Wednesday announced that his administration would move to forgive thousands of dollars in student debt from Americans saddled with the costs of education.

The move would wipe clean up to $10,000 in debt from borrowers making less than $125,000 per year. But for Pell Grant recipients, the White House plans to remove up to $20,000 in debt.

What is a Pell Grant?
A Pell Grant is a federal scholarship offered to students applying to college under exceptional financial hardship.

According to the U.S. Department of Education, they are mostly awarded to undergrad students who haven't earned a bachelor's degree yet.

Unlike a traditional loan, most Pell Grant recipients don't have to pay the money back. The exception to this is students who have dropped out of classes or entirely out of college after their federal aid for that semester has been given.

Under the Biden administration's new plan, any Pell Grant recipient who currently makes less than $125,000 (the same salary cap as non-Pell Grant borrowers) will get up to $20,000 of their student loans forgiven.


More: https://www.localmemphis.com/article/news/nation-world/pell-grant-biden-student-loan-debt-cancellation-plan-who-qualifies/507-b86b6dbc-e949-4b5e-8022-73dbcef97374

[SheltieLover]

7. Thx, Rhi!