Millions who owe money in federal student loans will have those debts forgiven under a plan announced by President Biden. Here's what to know about the plan.
What Do I Have to Do For My Loan to Be Forgiven?
About 8 million people will be eligible to receive relief automatically because the U.S. Department of Education already has their current income information, the administration said. If the agency doesn't have your current income information or if you don't know if it does, you will need to fill out an application. That application is not yet available, but will be in the coming weeks, the administration said in its announcement.What is a Pell Grant and How Do I Know If I Got One?
The Pell Grant is a monetary award from the federal government for students who have demonstrated a heavy financial need. Many FAFSA applicants receive this award. If you review your financial aid package letter from your school, you should see the Pell Grant listed there if you received one.
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