About 43 million Americans have federal student debt, with an average balance of $37,667, according to federal data. — The Associated Press
that many Americans can have up to $10,000 in federal student loan debt forgiven. That amount increases to $20,000 if they qualified for Pell grants. Here’s what we know so far and what it means for people with outstanding student loans:You qualify to have up to $10,000 forgiven if your loan is held by the Department of Education and you make less than $125,000 individually or $250,000 for a family.
Nearly every Pell Grant recipient came from a family that made less than $60,000 a year, according to the Department of Education, which said Pell grant recipients typically experience more challenges repaying their debt than other borrowers. To find out if you have a Pell grant, check any emails you’ve received that describe your FAFSA award.About 43 million Americans have federal student debt, with an average balance of $37,667, according to federal data. A third of those owe less than $10,000. Half owe less than $20,000. The total amount of federal student debt is more than $1.6 trillion.The debt forgiveness is expected to apply only to those currently holding student debt.
Discretionary income usually refers to what you have left after covering necessities like food and rent, but for student loan repayment purposes it’s calculated using a formula that takes into account the difference between a borrower’s annual income and the federal poverty line, along with family size and geographic location.
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