Thanks to union advocacy and the Biden administration, we've secured student loan forgiveness to provide much needed relief to eligible New Yorkers.
This week, the Biden-Harris Administration announced it will:
- Provide up to $20,000 in debt cancellation to Pell Grant recipients and up to $10,000 in debt cancellation to non-Pell Grant recipients.Borrowers who earn less than $125,000 per year or households earning less than $250,000 are eligible for debt cancellation.
- Extend the federal student loan pause a final time through December 31, 2022 to provide borrowers a smooth transition back to repayment.
- Make the student loan system more manageable for current and future borrowers by cutting monthly payments in half for undergraduate loans and holding schools accountable when they hike up prices.
There's more information from Cambridge Consulting on how this plan interfaces with the Public Service Loan Forgiveness (PSLF) program. Cambridge's resources, support and webinars are a FREE union benefit.
For more about the federal student debt relief plan and what it means for you, visit studentaid.gov.
Your union can also help you explore options for managing student debt with resources at studentloans.nysut.org. Check out the upcoming webinars.