WE KNOW AT THIS HOUR. THIS WILL BE INTERESTING TO A LOT OF FOLKS. JENNIFER: IT IS A MUCH-ANTICIPATED ANNOUNCEMENT. SOME 45 MILLION BORROWERS COULD BE AFFECTED. WHITE HOUSE AIDES HAVE SAID THE PRESIDENT IS LEANING TOWARD CANCELING $10,000 IN DEBT FOR BORROWERS WHO MAKE LESS THAN $125,000 A YEAR. ALSO, STUDENT LOAN PAYMENTS HAVE BEEN FROZEN SINCE THE START OF THE PANDEMIC. THAT PAUSE IS SET TO END A WEEK FROM NOW ON AUGUST 31, BUT THE PRESIDENT IS ALSO EXPECTED TO EXTEND THE FREEZE, POSSIBLY TO JANUARY OF NEXT YEAR. THE PRESIDENT HAS FACED REPEATED CALLS TO CANCEL STUDENT LOAN DEBT. >> THE PRESSURE OF THAT CAN REALLY BE A LOT AND PUT A LOT OF WEIGHT ON A FAMILY’S OR PERSON’S ECONOMIC SITUATION. >> WHAT THIS IS GOING TO DO IS IT’S GOING TO MAKE MORE DIFFICULT FOR US TO GET INFLATION DOWN TO 2% OR 3% WHERE IT’S SUPPOSED TO BE. JENNIFER: PROGRESSIVE DEMOCRATS WILL LIKELY SAY THIS IS NOT ENOUGH. THE OFFICIAL PLAN IS SET TO BE RELEASED BY THE WHITE HOUSE LATER TODAY.
Are you a Pell Grant recipient?
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Updated: 10:29 AM PDT Aug 24, 2022
President Joe Biden on Wednesday announced his intentions to forgive up to $20,000 in student loan debt for millions of Americans and extend the coronavirus pandemic-era payment freeze through 2022.Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness, Biden announced in a tweet. For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.Pell Grants are federal scholarships that are largely given to college students facing financial hardship who haven't earned a bachelor's degree yet. Unlike other loans, Pell Grants do not normally have to be repaid unless a student drops out of classes or out of college entirely after their federal aid for that semester has been delivered.Amounts can change yearly, but the maximum Federal Pell Grant award for the 2022-23 school year is $6,895.To check if you're a Pell Grant recipient, you can log into your Free Application for Federal Student Aid (FAFSA) account with your FSA ID, which includes a username and password that you created when you first processed your FAFSA form. Then, you will view your student aid report (SAR) by selecting "view" on the homepage to see what financial aid awards you have received and which others you are eligible for. You can also check your Pell Grant status by visiting the national student loan database website and logging in.
President Joe Biden on Wednesday announced his intentions to forgive up to $20,000 in student loan debt for millions of Americans and extend the coronavirus pandemic-era payment freeze through 2022.
Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness, Biden announced in a tweet. For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.
Pell Grants are federal scholarships that are largely given to college students facing financial hardship who haven't earned a bachelor's degree yet. Unlike other loans, Pell Grants do not normally have to be repaid unless a student drops out of classes or out of college entirely after their federal aid for that semester has been delivered.
Amounts can change yearly, but the maximum Federal Pell Grant award for the 2022-23 school year is $6,895.
To check if you're a Pell Grant recipient, you can log into your Free Application for Federal Student Aid (FAFSA) account with your FSA ID, which includes a username and password that you created when you first processed your FAFSA form. Then, you will view your student aid report (SAR) by selecting "view" on the homepage to see what financial aid awards you have received and which others you are eligible for.
You can also check your Pell Grant status by visiting the national student loan database website and logging in.
