Is there a cap on how much student loan debt will be forgiven?
If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20,000 in debt cancellation.
If you did not receive a Pell Grant in college and meet the income threshold, you will be eligible for up to $10,000 in debt cancellation.
Your relief is capped at the amount of your outstanding debt (example: If you’re eligible for $20,000 in debt relief, but have a balance of $15,000 remaining, you will only receive $15,000 in relief).
Your annual income must currently be below $125,000 for individuals, or $250,000 for married couples or head of households to be eligible.
If you are a dependent student, you will be eligible for relief based on parental income, rather than your own income.
Current and former students with loans are eligible for this debt relief.
If you are employed by a non-profit, the military, or federal, state, Tribal, or local government you may be eligible to have all of your student loans forgiven through thePublic Service Loan Forgiveness (PSLF) program.
