Student Loan Debt Cancelation
On August 24th, the Biden Administration announced plans to provide one-time relief to Americans with student loan debt. NGP’s got everything you need to know about it.
Who is eligible?
All Americans with federal student loans who make less than $125,000 (or $250,000 for married couples) are eligible.
How much of my debt will be canceled?
Borrowers with a Pell Grant can get up to $20,000 in debt canceled, while everyone else can get up to $10,000 in debt canceled.
What do I need to do to get my debt canceled?
02. Don't Delay!
We HIGHLY recommend you apply by November 15th, so that forgiveness is applied before the payment pause is lifted at the end of the year.
03. Share with Friends
Make sure your friends and fam know that they can get their debt canceled. Send them to ngp.org/debt to learn more and apply!
Think that $10,000 or $20,000 in debt cancellation is a good start, but not enough?
We agree.
We thank President Biden for this first step, but more must be done to clear the crushing burden of student loan debt that impacts so many Americans, particularly Black and brown folks.
NGP’s C.L.E.A.R. Campaign—Cancel Loans for Education and Reparations—demands full student loan debt cancelation now. We need you in our fight. Pledge to vote with the C.L.E.A.R. Campaign today!
What’s up with the Public Service Loan Forgiveness Program (PSLF)?
If you are employed by a U.S. federal, state, local, or tribal government or not-for-profit organization and have already made 120 qualifying payments towards your student loans, you could be eligible for the Public Service Loan Forgiveness Program! Between now and October 31, you may also be eligible under a limited-time change, even if you weren’t before! Click here for more information!
