Dear CW Students,
President Biden announced on Wednesday, 08/24/2022 that he is canceling $10,000 in student loan debt for millions of borrowers and extending the pause on payments and interest accrual for federally-held student loans until Dec. 31, 2022.
For more information:
General Information - https://studentaid.gov/debt-relief-announcement/
More student/borrower focused FAQ’s - https://studentaid.gov/debt-relief-announcement/one-time-cancellation
President Biden capped the loan cancellation at $10,000 for single borrowers making less than $125,000, or households earning less than $250,000. The relief includes current students and borrowers who have federally-held undergraduate, graduate, and Parent PLUS loans that have been fully disbursed by June 30, 2022. Borrowers who fall under the income caps and who received Pell Grants in college will receive an extra $10,000 — totaling $20,000 in forgiveness.
Please make certain that you pay close attention to this program. Borrowers who want to be notified when the application is open should sign up for notifications at the ED subscription page. The Office of Federal Student Aid (FSA) released a webpage explaining the announcement with answers to frequently asked questions.
Because the Department of Education has yet to provide full details about this new initiative, we will continue to share information with you as it becomes available to us. Please feel free to contact us at 914-831-0487 and/or email us at LF@cw.edu.
Director of Student Financial Services