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:
https://mobile.twitter.com/POTUS/status/1562462774969581570
More details to follow this afternoon.
Sincerely yours,
smilingdad
smilingdad 