Washington, DC – CGS welcomes the inclusion of graduate student loans in President Biden’s Student Loan Debt Relief plan, which allows up to $10,000 in a one-time cancelation. Also announced yesterday, an extension of the student repayment pause through December 31, 2022. These important measures will help borrowers alleviate financial strain in the wake of inflation and the COVID-19 pandemic.
“A graduate degree can open doors to economic prosperity and help propel individuals into the middle class,” Suzanne T. Ortega, president of CGS said. “Student loan debt shouldn’t be a burden on students or parents who may not have a financial safety net during the pandemic crisis.”
Below are a few of the details on the student loan debt relief plan:
- Includes canceling up to $10,000 in federally-held student loan debt for current students and borrowers with undergraduate, graduate, Grad PLUS and Parent PLUS loans who are earning less than $125, 000 for single borrowers or $250,000 for households.
- Student loan borrowers that received Pell Grant awards as undergraduates and meet the income thresholds are eligible for up to $20,000 in debt relief.
- Borrowers may sign up at the Department of Education subscription page to be notified when the application for relief will be available, provided the borrower submitted a FAFSA before 2021.
CGS is seeking additional information on the Notice of Proposed Rulemaking (NPRM) on the Income-Driven Repayment (IDR) plan. For more details about the Biden Administration’s Student Loan Debt Relief plan, sign up to receive the weekly CGS Washington Insights and Highlights newsletter.
For over 60 years, CGS has served as the national organization dedicated to advancing graduate education and research. Our membership includes nearly 500 institutions of higher education in the United States, Canada, and abroad representing over 1.8 million graduate students. Collectively, our members grant 87 percent of all U.S. doctorates and a majority of U.S. master’s degrees.