On August 24, 2022, the Biden administration announced that it would cancel $10,000 in student loan debt for borrowers making less than $125,000 annually or families making less than $250,000 annually. Borrowers who received Pell Grants in college will receive an extra $10,000 – totaling $20,000 in forgiveness. The administration is also extending the pause on payments and interest accrual for federally-held student loans through December, 31, 2022. There are still many detailed questions that need to be answered, including what steps borrowers may need to take to receive loan cancellation. We expect that the U.S. Department of Education will announce further details on how borrowers can claim this relief in the coming weeks.
Borrowers who want to receive updates on this topic, including being notified when an application is available, should sign up for notifications at the U.S. Department of Education (ED) subscription page. You may also refer to https://studentaid.gov/debt-relief-announcement/ for the latest updates and answers to frequently asked questions.
Richmond Scholars
The Richmond Scholars program awards the University’s most prestigious academic scholarships. Up to 25 incoming students receive these awards, which cover full tuition, room, and board. All first-year applicants for undergraduate admission who apply by December 1st are automatically considered for this scholarship.
Richmond’s Promise to Virginia
For students who are Virginia residents with total annual parental income of $60,000 or less, the University provides grant-based financial aid equal to full-time tuition, room, and the Spider Unlimited meal plan.
