ORLANDO, Fla. — Pell Grant recipients may actually qualify for more money in the student loan forgiveness plan announced by President Joe Biden Wednesday.
The three-part plan promises to cancel $10,000 of student debt for low-to middle-income borrowers.
“If you’ve got a Pell Grant, it seems you’re going to be able to qualify for another 10,000,” Senior Economist for Student Loan Hero Jacob Channel said. “I think the Biden Administration just wants to give those folks a little bit more help.”
Before you can bank on that, Channel says there are a few things to know first.
“Right now, the information we have…unfortunately, this won’t apply to private loan holders.,” Channel said.
There’s also an income cap for Pell Grant recipients of $125,000 or less for individuals, and $250,000 for couples.
Meanwhile, Channel says people should review the information they have available.
“Just log into your student loan account, refamiliarize yourself with what you owe,” Channel said. “If you’re unsure if you got the Pell Grant, you can check that. You might have official records from your school days.”
If worst comes to worst, Channel says, people can always reach out to the Department of Education directly.
©2022 Cox Media Group