Photo: Getty Images
Get ready for student loan debt relief!
President Biden recently made a statement saying that checks are getting ready to be sent out. However, many borrowers believed they were literally going to receive a $10,000-$20,000 check in the mail. According to the Washington Post, physical checks will not be sent out. Instead, student loan relief will be automatically deducted from the borrowers' balance. Those who continued to make payments after the March 2020 pause may also be eligible to receive refunds.
Student debt relief is as follows:
- $10,000 for those who make less than $125,000 (individual) or $250,000 (married)
- $20,000 for Pell grant recipients
The following types of loans are eligible for relief:
- Subsidized Loans
- Unsubsidized Loans
- Parent PLUS Loans
- Graduate PLUS Loans
Borrowers have until December 2023 to apply for student loan debt relief. Get the application here!
Get more information on student loan relief here.