President Biden’s student loan debt forgiveness plan is in the hands of the Supreme Court, but arguments won’t be heard until February. So it will be some time before we will know if the forgiveness will happen.
On August 24, President Biden announced a three-part plan to deal with student loan debt which includes $20,000 in loan relief to borrowers with loans held by the Dept. of Education whose individual income is less than $125,000 ($250,000 for married couples) and who received a Pell Grant. Borrowers who meet those income standards but did not receive a Pell Grant in college can receive up to $10,000 in loan relief.