Recipients of federal Pell grants for low-income students may be eligible for $20,000 in loan relief compared to $10,000 for other borrowers, according to the Washington Post.
President Joe Biden announced his student loan debt relief program Wednesday after much anticipation, and the measures include a higher amount of forgiveness for certain lower-income borrowers than previously expected and a surprising end to the 29-month pause on loan repayments.
Some 45 million Americans held a total of $1.62 trillion in federal student loan debt as of the end of June. Several outlets reported earlier this week Biden would unveil his much-anticipated relief program Wednesday. Targeting Pell recipients is an apparent way to address concerns that a blanket forgiveness could disproportionately benefit wealthier Americans, considering the top 10% of Americans by income hold 17.
