Student aid

2022 - 8 - 25

Remarks by President Biden Announcing Student Loan Debt Relief ... (The White House)

Roosevelt Room 2:46 P.M. EDTTHE PRESIDENT: Hey, folks. Well, good afternoon. When America made 12 years of public education universal in the last.

And that’s going to help America win the economic competition of the 21st century, because much of my time is spent: “How do we remain the most competitive nation in the world with the strongest economy in the world with the greatest opportunities in the world?” There’s a lot of material that’s going to be put out as to how this is being implemented. Well, last week, the Department of Education fired a college accreditor that allowed colleges like ITT and Corinthian to defraud borrowers. And these actions build on my administration’s effort to make college more affordable in the first place. This year, we’re on track to cut it by more than $1.7 trillion by the end of this fiscal year. No high-income individual or high-income household, on top of the 5 percent — in the top 5 percent of incomes, by the way, will benefit from this action. In the United States of America, waiting for over an hour to get food in a trunk. And the dream of starting or owning your business is just way off in the distance with a debt that’s — that so many are saddled with. Many of you had to leave school because the financial strain was much too high. And I would argue that it’s one of the reasons why we were so successful and have been so successful. We had four kids, all of — all of us wanting to go to school. When America made 12 years of public education universal in the last century, we became — not figuratively, literally — the best-educated public in the world and better prepared than any other nation.

Post cover — Image courtesy of "WJXT News4JAX"

Federal student aid website lags after Biden's $10K loan forgiveness ... (WJXT News4JAX)

Hours after President Joe Biden announced many Americans can have up to $10000 in federal student loan debt forgiven, the website that manages federal ...

If you received Pell grants, which are reserved for undergraduates with the most significant financial need, you can have up to $20,000 forgiven. You will be able to proceed to the site momentarily. When a user clicks to one of those slower pages, another message will display, saying the site is “experiencing high volumes of visitors.

Federal Student Aid website experiencing 'high volumes of visitors ... (KPIC News)

After President Joe Biden laid out his plan for student debt relief Wednesday afternoon, you may have found yourself rushing to check the Federal Student ...

Are your student loans eligible for the White House forgiveness plan ... (CNBC)

Here's what we know so far about which student loans are included in President Joe Biden's historic loan forgiveness plan.

Some of these loans are with the Education Department, but most are held by colleges. Then go to the "My Aid" tab, and search for your loans. When these loans go into default, the private companies that previously owned them transfer them over to a guarantee agency that services the debt on behalf of the federal government, Kantrowitz said. (At press time, access to the site was subject to long waits.) "It does not include commercially held FFEL loans." You may be wondering: Aren't all federal student loans held by the government? Nearly [10 million](https://protectborrowers.org/the-cares-act-leaves-behind-millions-of-student-loan-borrowers/) people still hold FFEL loans, according to Kantrowitz. That includes Direct Stafford Loans, and all Direct subsidized and unsubsidized federal student loans. There are two reasons the government may now hold FFEL loans. The relief is limited to individuals who make less than $125,000 per year, or married couples or heads of households earning less than $250,000. It's something more than 40 million Americans have in common: They hold federal student loans. Ford Federal Direct Loan Program.

10 other ways to get your student loans forgiven (The Washington Post)

Public Service Loan Forgiveness and AmeriCorps are among the other student loan forgiveness programs from the federal government, states and the private ...

[Army](https://myarmybenefits.us.army.mil/Benefit-Library/Federal-Benefits/College-Loan-Repayment-Program-(LRP)?serv=122), for instance, are eligible for up to $65,000 in cancellation if they agree to three years of service. The Segal AmeriCorps Education Award, which is granted to participants, can be used to repay state and federal student loans. As a result, the Education Department is giving borrowers a better chance of having their debt canceled faster, with a one-time adjustment of their accounts slated to commence this fall. There are four plans that tie your monthly federal loan payments to how much you earn, and those in the plans can have their balance canceled after 20 or 25 years. In exchange, employees must agree to remain at the agency for at least three years. But teachers, nurses, firefighters, speech pathologists and [other public servants](https://studentaid.gov/manage-loans/forgiveness-cancellation/perkins) can still have those loans canceled. The Education Department will forgive a portion of Perkins loans for each year of service. The [department’s waiver](https://www.washingtonpost.com/education/2021/10/06/public-servant-loan-forgiveness/?itid=lk_inline_manual_12) is set to end Oct. [Perkins loans](https://studentaid.gov/manage-loans/forgiveness-cancellation/perkins) are ineligible for PSLF and the Teacher Loan Forgiveness program. Other teachers can receive up to $5,000. Educators have a few options to alleviate the burden of student debt. [bad advice](https://www.washingtonpost.com/local/education/seeking-forgiveness-the-dizzying-journey-for-public-servants-with-student-debt/2019/08/11/33cab720-b21e-11e9-8949-5f36ff92706e_story.html?itid=lk_inline_manual_12) from loan servicing companies hired by the Education Department, leading them to believe they were making qualifying payments when they were not.

How To Get Up To $20000 In Student Loan Forgiveness Under ... (Forbes)

Up to 20 million borrowers may have their student loan debt completely eliminated under the initiative, according to Department of Education officials. “Today, ...

The Education Department indicates that borrowers who don’t have their income information on file will need to complete and submit an application certifying their income. The Biden administration has indicated that the Education Department will be able to provide at least some of the relief automatically, without borrowers needing to take any action. Borrowers who did not receive Pell Grants can receive up to $10,000 in student loan forgiveness, while borrowers who received Pell Grants can receive up to $20,000 in student loan forgiveness. Up to 20 million borrowers may have their student loan debt completely eliminated under the initiative, according to Department of Education officials. Biden’s plan provides for up to either $10,000 or $20,000 in student loan forgiveness. The department is also able to determine which borrowers received Pell Grants.