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What is a Pell Grant? How it affects student loan forgiveness

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News Tech: New York (AP) — President Joe Biden’s student loan forgiveness program announced on Wednesday aims to provide $10,000 in student debt cancellation for millions of Americans.

So what exactly is a Pell grant? And why is there a special benefit for people who got one?

But for federal Pell grant recipients, that amount is even higher: $20,000

Created by the Higher Education Act in 1965 as a way to promote access to education, federal Pell grants are special scholarships reserved for undergraduates and certain other students with the most significant financial need. The grants generally don’t need to be paid back, but they often don’t cover the full cost of college — so recipients take out additional loans.

Joe BidenBiden announces nearly $3B in new military aid for UkraineLegality of student loan plan relies on pandemic, 2003 lawUtah sues Biden over move to restore 2 national monumentsBig student loan forgiveness plan announced by Biden

Almost all Pell grant recipients are independent students or dependent students from the bottom half of the income distribution, according to a report from the Urban Institute on college affordability. Through the program, lower-income Americans can currently receive up to $6,895 annually for roughly six years.

If you’re not sure if you received a federal Pell grant, review any financial aid award letters administered through Office of Federal Student Aid. ___

The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.

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