The Biden Administration recently announced the Student Debt Relief Plan. This plan states the U.S. Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for households. For current students who have loans eligible for forgiveness the income requirements will be based on parent incomes.
The simple application for those who are eligible is available on studentaid.gov. The application takes approximately five minutes to complete. You will receive a confirmation email when the application is submitted, email updates as the application is processed, and an email when approved by the Department of Education. You will receive an email from your Student Loan Servicer when the debt relief is applied with either your remaining loan balance or notification that your loans are paid in full.
Roughly eight million borrowers will receive loan relief automatically as relevant income information is already available to the Department of Education. Everyone who is eligible is encouraged to apply even if you may be one of the eight million who will get relief automatically.
Once a borrower completes the application, they can expect loan relief within 4-6 weeks.
Visit the Marquette Central website for more information.
Employees may additionally be eligible for Public Service Loan Forgiveness (PSLF). PSLF is a federal program that can provide financial relief to eligible borrowers by forgiving the balance of your loan tax free after 120 qualifying payments.
Together with TIAA and Savi, a social impact tech company, Marquette is bringing a new tool to its employees and their family members that can help you successfully take advantage of programs like PSLF. More information is available on Marquette Today.