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Deadbeats Rejoice: College Loan Refunds Starting Soon

At a glance

  • Millions of student loan borrowers will receive automatic refunds soon on loan payments made during the Covid-19 pandemic.
  • The news comes less than a month after President Joe Biden’s historic student loan forgiveness announcement: The administration is canceling up to $10,000 in federal student loans for those making less than $125,000 a year for individuals or $250,000 for married couples or heads of households and up to $20,000 for Pell Grant recipients who meet the income threshold. Private loan holders are not included in the plan.

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