President Biden’s action will forgive $10,000 in student debt for borrowers making less than $125,000 a year. Pell grant recipients can receive $20,000 in relief.
On Aug. 24, President Joe Biden announced sweeping action on federal student loans including the cancellation of $10,000 in student loan debt for borrowers making less than $125,000 annually or families making less than $250,000 annually.
Additionally, borrowers who received federal Pell grants in college will receive an extra $10,000 of loan forgiveness, totaling $20,000 for this group.
For more information, please visit the Federal Student Aid “Frequently Asked Questions” website that will be updated daily.
If you have further questions, reach out to the Campus Financial Aid office via email aidtalk@umaryland.edu.