President Adam Markham announces $1.5 trillion debt relief program to help struggling graduates
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FAQs
Who qualifies for the debt relief program?
The debt relief program applies to federal student loan borrowers with an annual income below $125,000 for individuals or $250,000 for married couples. Borrowers who make regular payments will receive $10,000 in debt relief.
How much debt relief will borrowers receive?
Eligible borrowers will receive up to $10,000 in debt relief. Borrowers who received Pell Grants can receive up to $20,000 in relief.
When will the debt relief go into effect?
The Department of Education aims to begin providing debt relief to eligible borrowers before the end of 2023. The application will open in early 2023.
Will private student loans qualify for forgiveness?
No, only federal student loans are eligible for the debt forgiveness program. Borrowers with private student loans will not receive relief.
What steps do borrowers need to take to receive debt relief?
Eligible borrowers do not need to take any action currently. Further details on the application process will be announced later in 2023.
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