Student Loan Repayment Resources

On August 24, 2022, the Biden administration announced a three-part plan to help federal student loan borrowers, including: 

  • Loan forgiveness of up to $20,000 to Pell Grant recipients and $10,000 in debt cancellation to non-Pell Grant recipients for individuals earning less than $125,000 per year and married couples making under $250,000 per year. Parent Plus loans are also included as qualifying loans in this debt relief. 

  • A pause extension on federal student loan repayment through December 31, 2022. 

  • Make the current loan system more manageable for current and future borrowers by: 

  • Making loans payments affordable by limiting payments to 5% of a person’s income. 

  • Fixing the Public Service Loan Forgiveness (PSLF) program to ensure our public servants receive appropriate loan forgiveness, something Senator Merkley has led the charge to reform. 

  • Protections for future students and taxpayers, including reduction in the cost of higher education and accountability mechanisms to hold schools accountable when they hike up prices.  

 

Senator Merkley applauds this action as a step forward and a catalyst for future reforms. Affordable college for every student will produce a more prosperous future for all. View Senator Merkley’s full statement on the Biden administration’s announcement on student loan debt. 

 

Resources: