As of February 2022, the U.S. Department of Education is moving forward with a massive overhaul of the student loan servicing system.
The Department of Education services 43.4 million student loans in its federal student loan portfolio. You can find your federal student loan rules at studentaid.gov.
If you are a San Jacinto College student, alumnus/alumna, or employee, read on for important updates.
COVID-19 Student Loan Relief
Due to pandemic-related economic challenges, the Biden-Harris administration has extended the student loan repayment pause through Dec. 31, 2022. Payments will resume in January 2023.
Learn more: studentaid.gov/debt-relief-announcement/
Student Debt Relief Plan
Federal Student Aid and the Biden-Harris administration are offering loan forgiveness of up to $20,000 for prior Pell Grant recipients and up to $10,000 for all other loan borrowers.
To be eligible, you must have an annual income below $125,000 (individual) or $250,000 (married couples/heads of household).
If the Department of Education doesn’t have your income data (or if you don’t know whether it does), the administration will launch a simple application in the coming weeks.
Original source can be found here
Alerts Sign-up