President Joe Biden’s student loan forgiveness program announced on Wednesday aims to provide $10,000 in student debt cancellation for millions of Americans.
But for federal Pell grant recipients, that amount is even higher: $20,000Created by the Higher Education Act in 1965 as a way to promote access to education, federal Pell grants are special scholarships reserved for undergraduates and certain other students with the most significant financial need. The grants generally don't need to be paid back, but they often don't cover the full cost of college — so recipients take out additional loans.
Roughly 27 million recipients of Pell grants will now be eligible for loan forgiveness. But for some, the $20,000 will hardly made a dent. For Yaneth Peña, however, the money will make a difference. Peña graduated from North Carolina State University in 2014. She obtained about $4,000 in grants and approximately $25,000 in federal loans. Under Biden’s forgiveness plan, her debt would be whittled down to $5,000.
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