About the Student Loan Forgiveness Plan

On August 24th, President Biden announced a Student Debt Relief Plan. Below are some brief details about the plan, along with additional resources.

Student Loan Forgiveness Eligibility Criteria

Up to $10,000 in forgiveness if:

  • You’re a current federal student loan holder, (private student loans are excluded) AND…
  • You earn less than $125,000 a year or your household earns less than $250,000 a year.

Up to $20,000 in forgiveness if:

  • You’re also a Pell Grant recipient with loans held by the Department of Education (this is required for the additional forgiveness).

Note: Relief is capped at the amount outstanding (so you won’t get to pocket any extra money if you have less than $10,000 in federal student debt).

Also, the student loan payment pause has been extended through December 31, 2022.

See the following articles for more information.

If you have any additional questions, please reach out to us at info@cosnerfg.com.


How to apply for Biden’s student loan forgiveness plan – CBS News

The Biden-Harris Administration’s Student Debt Relief Plan Explained (studentaid.gov)


This material is for informational purposes only and is not Investment Advice.