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ARTICLE · 01 SEPTEMBER 2022

Breaking Down Biden's Student Debt Relief Plan

Brownstein Hyatt Farber Schreck
Explore more from Brownstein Hyatt Farber Schreck

On Wednesday, Aug. 24, President Biden announced a three-part plan to provide student loan debt relief to tens of millions of Americans.

United StatesConsumer Protection
Radha Mohan
Radha Mohan
Laura Johnson
Laura Johnson
Sage Schaftel
Sage Schaftel
Michelle S. Chun
Michelle S. Chun

Overview

On Wednesday, Aug. 24, President Biden announced a three-part plan to provide student loan debt relief to tens of millions of Americans. The student loan debt relief plan includes the following components: (1) a final extension of the student loan repayment pause to end on Dec. 31, 2022; (2) up to $20,000 in student debt cancellation for Pell Grant recipients and up to $10,000 for non-Pell Grant recipients earning less than $125,000 per year (or $250,000 for joint filers); and (3) a rule to create a new income-driven repayment plan that will reduce future monthly payments for lower- and middle-income borrowers, allowing for monthly payments on undergraduate loans to be limited to 5% of monthly income.

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