Loyola University Maryland

Office of Financial Aid

Undergraduate Loans

Student Loan Debt Relief

The Biden-Harris administration announced the Student Debt Relief Plan on August 24, 2022. This plan includes the cancellation of up to $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 Pell grants in college will receive up to $20,000 in loan forgiveness.

The relief includes current students and borrowers who have federally held undergraduate, graduate, and Parent PLUS loans that have been fully disbursed by June 30, 2022.

Students can check their federal loan history and Pell Grant recipient status by logging into their federal student aid account on studentaid.gov.

There will be more details announced in the coming weeks. To be notified when the process has officially opened, sign up at the Department of Education subscription page.

The Biden-Harris Administration's Student Debt Relief Plan

 

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