VSAC offers help on student debt relief
WINOOSKI — According to the Vermont Student Assistance Corp. President Biden’s plan for debt relief means that Vermont federal student loan borrowers earning less than $125,000 will be eligible for up to $10,000 of undergraduate student loan cancellation. Borrowers who received Pell grants will be eligible for an additional $10,000. It is estimated that 30% of Vermont borrowers will be eligible for the additional cancellation.
The Biden Administration will also extend the repayment pause, scheduled for Aug. 31, 2022, a final time through Dec. 31, 2022, with payments resuming in January 2023.
The Department of Education, which manages the federal student loan program, expects to provide details on how borrowers can access and qualify for these new benefits in the next few weeks. VSAC will be available to help Vermonters navigate the process once the details are unveiled.
“We will be working with Vermont borrowers to navigate access to this cancellation benefit,” said Scott Giles, President and CEO of VSAC. “As more details on requirements become known from the U.S. Dept. of Education, VSAC loan counselors will be available to work with Vermonters to ensure they will be able to take full advantage of the programs,” he added.
According to the Department of Education, there are currently 77,000 federal student loan borrowers in Vermont. The average student loan balance is $37,000 and 15% of borrowers have less than $5,000 in outstanding debt.
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