Under President Biden’s student loan forgiveness proposal, students who used Pell Grants to help pay for college may be qualified for twice the usual amount of loan forgiveness. You may be eligible for up to $10,000 in debt cancellation if you have federal student loans and make less than $125,000 (or $250,000 for married couples). However, you could get up to $20,000 in debt forgiveness if you had a Pell Grant.
Of course, everything relies on whether the Supreme Court upholds the Biden administration’s claim that the forgiveness plan in question is legitimately legal. The first round of arguments will be delivered on February 28.
A Pell Grant is a financial aid program that helps students who need it pay for college. (Photo: thirdway.org)
You won’t pay taxes on this loan cancellation to the federal government, but your state may require you to. So, a lot of recent college grads and former students may be asking themselves, “How do I know if I received a Pell Grant?”
It’s simple to learn, according to Forbes Adviser. Visit StudentAid.gov first, then log in. The website for federal student aid is this one. then visit the “Aid Summary” tab. All of your government student loans and Pell Grant details will be displayed. Additionally, you can view your debt balance and remaining aid balance. It will still be necessary to wait for the legal dispute over the debt forgiveness plan to be resolved before those whose applications for loan forgiveness have already been approved.
You are not required to make any payments on your government student loans between now and the end of August 2023. However, it might be a good idea to continue making payments if you can if you still owe money after the loan is forgiven—more than $20,000 if you received a Pell Grant or $10,000 if you didn’t.
What actions should I take to keep the pell grant?
In general, in order to be eligible for a Federal Pell Grant, you must continue to be enrolled in a college program at a non-foreign institution. Additionally, in order to continue being eligible for government student aid, you must submit the FAFSA form each year that you are enrolled in classes.
You are no longer qualified to receive a Federal Pell Grant once you have obtained a baccalaureate degree, your first professional degree, or you have used up all 12 years of your eligibility.
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