Affordability

Summarizes loan limits, interest rates, and other terms for federal student loans issued from July 1, 2022 through June 30, 2023.

From 1972 to today, the federal Pell Grant program has provided need-based grant aid to 80 million low- and moderate-income students to help them achieve the dream of a college degree. Fifty years in, Pell Grants remain the federal government’s most effective investment in college affordability — but the share of college costs covered by the grant is at an all-time low.

We welcome the Biden Administration’s actions to address shortcomings of the IDR system, including forbearance steering and flawed payment tracking. The plans announced today will result in immediate balance cancellation for tens of thousands of borrowers under IDR and Public Service Loan Forgiveness and additionally move millions of borrowers closer ...

Analysis focuses on two key design details that can make income-driven repayment work better for borrowers.

We applaud the Biden Administration for extending the payment pause for student loan borrowers today, and for providing a critical “fresh start” for millions of borrowers who were in delinquency or default on their student debt when the pandemic began.

President Biden’s fiscal year 2023 budget request, released today, proposes critical new investments in college affordability and completion. By investing in a significant increase to the Pell Grant—as well as evidence-based retention and completion strategies—and supporting HBCUs, TCCUs, MSIs, and community colleges, this budget would help millions of students ...