The US Supreme Court is reviewing the legality of the plan. In November, the Education Department stopped accepting applications for loan forgiveness.
While President Biden's debt relief plan would cancel some level of debt for 43 million borrowers, according to the administration, it has faced numerous legal challenges. Pell Grant recipients make up more than 60% of federal student loan borrowers. To qualify, single tax filers must have adjusted gross income for 2020 or 2021 under $125,000, while married joint filers must have AGI under $250,000.Ī Pell Grant is a type of aid awarded to undergraduates with exceptional financial need that does not need to be repaid. In mid-2022, the Biden administration introduced a plan to forgive up to $20,000 in student loan debt for recipients of Pell Grants and up to $10,000 for other federal borrowers.
What is Biden's student loan forgiveness plan?
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