by Lucas Stewart, Staff Writer, UAS Whalesong
President Joe Biden’s plan to forgive student loans is an important development for many UAS students, and it’s “a step forward” for those not directly affected. There’s also hope for more debt forgiveness programs in the future.
The UAS Financial Aid Office pointed students toward studentaid.gov as they wait to receive more information on loan forgiveness. The U.S Department of Education warns borrowers to be wary of potential student loan scams, particularly those that require upfront payments for “forgiveness” or ask for your FAFSA ID and password.
“We don’t have a lot of information on it just yet,” stated the UAS Financial Aid Office. “But we will be focusing on getting that information to the students as it comes in.”
According to Financial Aid, the amount of loan forgiveness is dependent on whether or not a student has ever received a federal Pell Grant. The grants are available to students who “demonstrate an exceptional financial need” and have not already received any kind of college degree, according to the U.S. Department of Education. Students who have received a Pell Grant can get up to $20,000 dollars in loan forgiveness, whereas students with other loans are eligible to receive up to $10,000.
Another important thing the Financial Aid office notes is that a person’s individual income must be less than $125,000 per year to be eligible for loan forgiveness. The income of students’ guardians or of a shared household will be considered when determining eligibility.