Sunday, July 14, 2024

Half a million Washingtonians may benefit from the federal government's student loan debt plan

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OLYMPIA - On Tuesday, August 23 President Biden announced details for the Student Debt Relief Plan (https://studentaid.gov/debt-relief-announcement/?utm_medium=email&utm_source=govdelivery) forgiving up to $20,000 in debt for Pell Grant recipients with loans held by the Department of Education, and up to $10,000 in debt cancellation for non-Pell Grant recipients. This forgiveness could impact 40 million people across the nation and half a million Washingtonians, providing relief for low and middle-class borrowers.

The administration also granted an extension of the pause on federal student loan repayment through Dec. 31. Those potentially eligible for the PSLF waiver can visit this website: https://studentaid.gov/announcements-events/pslf-limited-waiver?utm_medium=email&utm_source=govdelivery by Oct. 31 to see if they qualify.

"My student loan plan makes sure working people have a shot at a college degree without the fear of being saddled with insurmountable debt," said Biden.

There are three parts to the debt relief plan:

Final extension of the student loan repayment pause to Dec. 31.

Targeted debt relief to low- and middle-income families.

A student loan system that is more manageable for current and future borrowers.

"This is providing relief to hundreds of thousands of Washingtonians. Thank you to the Biden administration for delivering on your promise and helping to fuel the economy," said Gov. Jay Inslee.

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