We break down 3 big questions surrounding President Biden's sweeping student loan forgiveness plan: • Who's eligible? • Do I have to apply? • Will my monthly payments go down?
– up to $20,000 for Pell Grant recipients, and up to $10,000 for others who qualify – leaves millions of borrowers with unanswered questions, and some of the details won't be clear for weeks or months.Americans currently owe about $1.62 trillion in federal student loans. Biden's plan will provide relief to most of them – 43 million borrowers – and will completely erase the student debt of about 20 million.
That includes current students: Borrowers who are dependent students will be eligible for relief based on their parents' income. Parent PLUS loans, which are federal loans for parents of undergraduate students, are also eligible under the president's plan. Roughly 60% of federal student loan borrowers received Pell Grants, according to the White House. These grants are designed to
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