7 new details on how student loan cancellation will actually work

Posted on AllSides September 20th, 2022
From The Center
ANALYSIS

President Biden’s highly anticipated federal student loan cancellation announcement last month created as many questions as it answered, prompting at least one major loan servicer’s website to crash as borrowers hustled to check their eligibility.

What is clear: Individuals making less than $125,000 and couples filing jointly making less than $250,000 may receive up to $10,000 in student debt cancellation — and that maximum goes up to $20,000 if the borrower ever received a Pell Grant.

What has been murky: Which loans will the cancellation apply to first? Will payment amounts on...

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