In accordance with Joe Biden’s announcement made in the end of previous year students have a right for debt relief. Nearly 8 million borrowers fall within the program, but they have a chance to apply for it no later than December, 31 2023.  Studentaid debt relief is offered to those who earn less than $125000 a year for unmarried and $250000 for married couples. To use the option all is needed is to fill in the application form. There are several ways for doing it: 

  • free Application for Federal Student Aid form;
  • income-driven repayment plans;
  • Online application form.
contents ↑

The statistics on Student debt within 2 years and its quarters

Quarter Total Year-over-year Change
2022 Q2 $1,745,369,310,000 1.53%
2022 Q1 $ 1,747,455, 510, 000 1,67%

2021 Q4

$1,733,415,180,000 

2,34% 
2021 Q3 $ 1,739, 443, 830,00 2,53%
2021 Q2 $ 1, 719, 067,550,000 2,78%
2021 Q1 $ 1,718, 706, 550, 000 2,80%
2020 Q4 $ 1, 693, 860,250,000 3,42%
2020 Q3 $ 1, 696, 474, 620,000 3,75%
2020 Q2 $ 1, 672, 503, 130,000 4,32%
2020 Q1 $ 1, 671, 968, 780,000 4,65%

*The statistics has been taken from https://educationdata.org/

According to the data provided by https://educationdata.org/. student loan debt makes $ 1,745 trillion. Good news is that the debt accumulation rate is decelerating. This slow down in debt accumulation can be explained by the responsibility of borrowers to pay off on time. 

contents ↑

Student debt relief: the answers to the questions you might have been concerned about

Studentaid debt relief: how to find the form for application? 

Just press ‘studentait.gov legit’ and you’ll find the link. Those who were the first to apply (no later than November, 15 2022) have already been given studentaid debt relief. While planning to apply, please, consider the following information: the whole process takes from 4 to 6 weeks. 

Studentaid debt relief application: what kind o documentation to prepare?

Traditionally, the documentation package should contain the following papers:

  1. Documentation from your loan supplier (loan suplier’s name, address, telephone number+ your name, account numbers, loan balances);

N.B. If the point with documentation is missing you have all the chances not to get studentaid debt relief

      2. Transcripts (undergraduate or graduate institution that you’ve attended) Name of institution + you are to be on the transcripts.

      3. Income information. 

      4. Degree information.

     For more details it is highly recommended to visit studentait.gov.

Can’t log into studentaid.gov 

The reasons for failing to log into studentaid.gov are the following:

  1. One of the reasons is problem with cookies. The way out – to try another browser.
  2. If change of browser didn’t help – change a device. For example, if you used a computer replace it by a cell phone.
  3. If it still doesn’t work there can be the problem with configured version try to follow the link http://www.studentaid.gov or http://studentaid.gov . 
  4. If the problem is not solved, try to contact studentaid.gov and explain your problem. Studentaid contact number: 1-855-265-4038; 1-800-433-3243 (information center). Or you can e-mail them: studentaid@ed.gov.  Sometimes the service can be overloaded. Try to wait and repeat the action. 

My borrower defense application was denied: what are the consequences? 

If application is denied neither federal student loans discharge or forbearance will be offered to borrower. It means that he or she will have to pay off all your loans plus interests. 

For more details if it is needed we recommend you 

Pell grant as one more lifeline for students

While many students are concerned with student debt relief, there’s one more financial topic which is also considered to be a burning issue these days for students. And the issue is Pell Grant. Among questions closely connected with the grant there should be mentioned: ‘the criteria for Pell Grant eligibility’, ‘Pell Grant amount’ and of course ‘Pell Grant deadline’. First of all, there should be said that Pell Grant gives a wonderful possibility for financing students and their families. According to pell-grants.org this year Pell Grant deadline is 30th June 2023

What are the peculiar features of Pell Grant?

  1. Since it’s not a loan but a grant it shouldn’t be paid back. 
  2. To apply for a grant every student is to do it via FAFSA.
  3. The grant amount is set in accordance with the data the student mentioned in his or her application.
  4. The grant can be taken not only by families belonging to a lowers class but also to those who belong to middle one. 

Pell Grant eligibility: what should I know?

To be given a financial support in a form of a Pell Grant you are to comply with the following criteria:

  1. To hive a high school diploma;
  2. For males from 18-25 it is necessary to be registered via Selective Service;
  3. Social Security number is a must; 
  4. An applicant shouldn’t have any defaults.

Besides, there is one more essential thing to be taken into account: the more financial help is needed in your family, the more chances for receiving Pell Grant you have. You might have been asked to mention certain details which include:

  1. Your income (if you have);
  2. Parents’ income and their assets (everything that they have in possession. For example, it can be a house).

It helps to estimate applicant’s financial standing and make a decision on giving a grant (yes or no) and also determine the Pell grant amount

contents ↑

Pell Grant amount: sums of money students can account on

An average Pell Grant amount is $4, 166. But it can vary and be less, for example, in accordance with the income of the applicants or his or her parents and other details. 

The correlation between Expected Family Contribution and award amount

EFC Annual Full-time award
0$ $6,895
$1-$500 $ 6,445- $6,845
$1,001- $1,500 $5,345- $5,345
$1,501-$2,000 $4,945-$5,345
$2,001-$2,500 $4,445- $4, 885
$2,501- $3,000 $3,945-$4,345
$3,001-$3,500 $3,445-$3,485
$3,501- $4,000 $2,945- $3,345
$4,001-$4,500 $2,445-$2,845
$4, 501-$5,000 $1,945-$2,345
$5, 001- $5,500 $1,445- $1,845
$5,501-$ 6,000 $945-$1,345
$6,207 and more 0$

*The figures have been taken from educationdata.org.

Besides, the total amount can vary depending on a school type. That’s why before making Pell Grant application it’s vital to consider you income, school type and other details mentioned.

Right now in the difficult times we go through there are great possibilities for those who are in need to be given a lifeline. Take a chance!

Need a Loan Fast?

Get started