WASHINGTON, DC – The Biden-Harris Administration has launched the student loan forgiveness program. This program allows federal loan borrowers to have their loans forgiven by the Department of Education if they meet the following criteria:
- Borrowers can have up to $10,000 of their loans forgiven if they make under $125,000.
- Former Pell Grant recipients meeting this requirement can have up to $20,000 forgiven.
- Families making under $250,000 filing jointly can also qualify for loan forgiveness.
- Income determination is based on individuals’ 2020 or 2021 tax filings.
Given the rising costs of higher education and the disproportionate burden of student loans for people of color and low-income communities, this program is a step in the right direction. Student loan debt is a major barrier preventing our communities’ economic mobility. Southeast Asian American (SEAA) students are often first-generation college students and bear the unique burden of navigating intergenerational poverty due to their history of immigration from war and conflict in Southeast Asia. Many SEAAs must overcome economic insecurity, lower postsecondary attainment, and higher rates of post-traumatic stress disorder.
“Loan forgiveness benefits the SEAA community by reducing the financial barriers that students face entering and exiting college,” said Quyên Đinh, SEARAC Executive Director. “We continue to support greater efforts by Congress and the Biden Administration to lower the costs of attending higher education. All students, regardless of income or background, deserve the opportunity to afford college or a postsecondary degree without the consequence of long-term debt. Student loan forgiveness provides relief for many borrowers, including SEAA borrowers.”
Applications are live now through December 31, 2023.
You can use the link below to apply today to see if you qualify for a reduction in your federal student loans: https://studentaid.gov/debt-relief/application
