While debt can be something that drives people away from seeking higher education, there are methods to prevent or relieve it.
The Biden Administration has announced a one-time student loan relief provided by the US department of education. Applying through studentaid.gov allows Federal Pell Grant recipients up to $20,000 and non-Pell Grant receivers up to $10,000 in student loan relief.
Qualifiers must be individuals who made less than $125,000 or families who made less than $250,000 in 2021 or 2020.
This relief will help many individuals who are in debt from education costs. Many Americans who are or were in college find themselves in debt from student loans. According to Federal Student Aid statistics, there are about 43 million borrowers owing more than $1.6 trillion in federal debt.
As the fall season starts rolling around, opportunities for federal financial aid are starting to pop up. The Free Application for Federal Student Aid (FAFSA) for 2023-2024 has been open since October 1st, 2022 and is available until June 30th 2024. Any current seniors are encouraged to apply for the first year of college sooner rather than later. FAFSA is on a first come first serve basis, so eligible students should apply as soon as possible to receive the most aid.
Most students are eligible for FAFSA. The only requirement is to have or be on track to receive a high school diploma, GED, state approved homeschooling program or be enrolled into a career pathway program. Qualifying individuals can apply to see eligibility for grants, loans and scholarships in desired colleges.
