Who is Eligible for Debt Cancellation?
Who is Eligible for Debt Cancellation?
To be eligible, your annual income must have fallen below $125,000 (for individuals) or $250,000 (for married couples or heads of households)
To be eligible, your annual income must have fallen below $125,000 (for individuals) or $250,000 (for married couples or heads of households)
If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20,000 in debt cancellation.
If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20,000 in debt cancellation.
If you did not receive a Pell Grant in college and meet the income threshold, you will be eligible for up to $10,000 in debt cancellation.
If you did not receive a Pell Grant in college and meet the income threshold, you will be eligible for up to $10,000 in debt cancellation.
What does the “up to” in “up to $20,000” or “up to $10,000” mean?
What does the “up to” in “up to $20,000” or “up to $10,000” mean?
Your relief is capped at the amount of your outstanding debt.
Your relief is capped at the amount of your outstanding debt.
For example: If you are eligible for $20,000 in debt relief, but have a balance of $10,000 remaining, you will only receive $10,000 in relief.
For example: If you are eligible for $20,000 in debt relief, but have a balance of $10,000 remaining, you will only receive $10,000 in relief.