Around 48 million Americans are currently affected by student loan debt. In August of 2022, President Joe Biden made a change to help student loan forgiveness. This change made it so $20,000 worth of federal student loans will not have to be paid for millions of students. 

This change also makes single filers who earn below $125,000 eligible for $10,000 in debt cancellation. Additionally, joint filers and heads of household with an income below $250,000 will also qualify. Student loan forgiveness is also available to individuals who did not finish college and still have federal student loan debt remaining. Anyone who meets the requirements should be eligible for student loan forgiveness. 

On top of that, borrowers could also potentially receive more relief through the Pell Grant. The requirements include being an undergraduate student who displays a need for financial aid and has not received a bachelor’s, graduate or professional degree. Those who qualify would receive up to an extra $10,000 in loan forgiveness. 

“I do think that the current offering for student loan forgiveness isn’t enough. There needs to be a reform of how we fund education,” Douglas Brown said.