Student loan forgiveness: What you need to know if you’re a Pell Grant recipient

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.

READ: Mar-a-Lago search: Judge orders release of redacted affidavit

“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.

READ: Homeowners find property falsely listed “for sale” online, again

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.”

READ: Questions remain about cost of federal student loan debt relief action

If worst comes to worst, Channel says, people can always reach out to the Department of Education directly.

Click here to download the free WFTV news and weather apps, click here to download the WFTV Now app for your smart TV and click here to stream Channel 9 Eyewitness News live.