President Biden to reduce student loans for millions

President Biden tweeted today that his administration will be taking action to forgive student loans. Those having federal student loans and Pell Grants can have $20,000 of debt forgiven and those without Pell Grants can have $10,000 forgiven, depending on income and marital status. Additionally, if you make payments based on income, the repayment cap goes down from 10% to 5% of your income.

33% of borrowers have less than $10,000 left, 20% have between $10,000 and $20,000, according to research from the Washington Post. This will have a large impact on these folks. As someone carrying private student loan debt from going to grad school, I fully support President Biden. After all, if we can save well to do people and corporations on their taxes, to the tune of trillions of dollars to bust the federal deficit and supercharge inflation, we can certainly invest money to help millions of suffering people have a better life , save more, and pay down debt.

Full tweet below:

More details to follow this afternoon.

Sincerely yours,


Published by smilingdad

My story is one of tragedy and redemption. We've made many mistakes along the way regarding our money. Our goal here is to show you how to take care of your money life long, and as much as we can, help the Earth along the way. I call it sustainable personal finance and ethical capitalism. Currently, I am a part time writer for Cleantechnica and part-time licensed financial professional, along with being a full-time dad.

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