Where Biden's student loan forgiveness program stands

Where Biden's student loan forgiveness program stands

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Key Facts

  • The Biden administration continues to accept applications for student loan forgiveness, which is worth up to $20,000 per borrower, but it is not currently allowed to cancel student loan debt due to a temporary, administrative hold put on the program by the 8th US Circuit Court of Appeals on October 21.
  • If the court allows the administration to grant student loan forgiveness, an estimated 8 million eligible borrowers may receive the debt cancellation automatically because the Department of Education already has their income information on file.
  • Those borrowers may begin to see their debt canceled on November 15, at the earliest, if there is not a legal pause in place at that time.
  • If a qualifying borrower also received a federal Pell grant while enrolled in college, the individual is eligible for up to $20,000 of debt forgiveness.

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