In August, the Biden administration announced a plan to forgive up to $10,000 in federal student loans for almost all borrowers, with up to an extra $10,000 for borrowers who had received Pell grants. The additional forgiveness for Pell borrowers intends to address the racial wealth gap, as Black and Hispanic students are more likely to receive Pell grants than white students, acknowledging the common critique that a broad student loan forgiveness plan primarily benefited white borrowers. Analyzing a sample of a recent cohort of borrowers, the data show that although the "Pell bonus" has little impact on the racial distribution of recent students who will receive student loan relief, it significantly increases the share of Pell recipients, of all racial and ethnic groups, who will have all their federal loans forgiven.