Biden's student loan plan: What we know (and what we don't)

Interest rates will remain at 0% until repayments start. Under an earlier extension announced in April, people who were behind on payments before the pandemic will automatically be put in good standing.Only people making less than $125,000 a year are expected to qualify. People who borrowed through most federal student loan programs are likely to be eligible, while those who have private loans issued by banks or schools probably won't be.

After 270 days, the loan will be considered in default. Consequences vary depending on the type of loan, but can include losing eligibility for additional federal student aid.find out more here. The plan Biden announced Wednesday also includes a provision that allows people with undergraduate loans to cap repayment at 5% of their monthly income.

If you have worked for a government agency or a non-profit organization, you could also be eligible for the Public Service Loan Forgiveness Program, which youSeung Min Kim, Michael Balsamo, Chris Megerian and Zeke Miller in Washington contributed to this report.The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Counter productive as the national debt continues to escalate. We worked and paid for our childrens higher education. Our beloved son and wife, changed their lifestyle so that their children did not acquire school debt. Biden: wake up and smell the coffee.

Yay! Meanwhile, here’s what TexasSenateGOP is up to - wanting to ban minors under 18 from Social Media. Another example of how the party of small government, parental rights, & “freedom” sure wants to control its citizens. TurnTexasBlue

Another horrible attempt by joe and the democrats to try & win v o t e s. This bill will never make it past the courts no matter how much joe grandstands about it “look what I did for you after crashing the once robust economy”.

Basically if your college degree doesn’t have enough value to enable you to pay it off, it certainly doesn’t have enough value to enable Biden’s administration to pay it off.

Bailing out these pple who have been brainwashed into Marxist and we get the bill for it.

How does this differ from bankruptcy, corporate bailouts, and ppp loans?

I thought Congress controlled the power of the purse?

While you look at tail lights and peddle your way to work..handle your job... lets give those A-holes 10K in cash forgiveness... hey Joe can you get my home loan?

Biden delivers!!

I'll believe it when I see it

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Biden's student loan plan: What we know (and what we don't)President Joe Biden is expected to announce today that many Americans can have up to $10,000 in federal student loan debt forgiven. Here's what we know so far and what it means for people with outstanding student loans. It means the responsible will be paying for the irresponsible. The US could get more bang for the buck if it paid debts based on not the face value but what the holders of the debt paid. Why? Because most student loans are resold in'tranches' at cents on the dollar. If someone paid $1k for a 10,000, pay the $1k, wipe out $10,000! Congrats to every worker busting their ass in the the ship channel, truckers, and other blue collar gigs to fund someone’s gender studies degree. Elections have consequences.
Source: HoustonChron - 🏆 609. / 51 Read more »

Biden's student loan plan: What we know (and what we don't)Here's what we know about President Biden's plan to cancel some student loan debt. Who will qualify? How much will be forgiven? How will it work?
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Biden’s student loan plan: What we know (and what we don’t)President Biden is expected to announce that many Americans can have up to $10,000 in federal student loan debt forgiven. biden debtforgiveness studentloans kprc2 click2houston US JoeBiden & TheDemocrats are in serious trouble and gas lighting themselves So I worked so hard to pay off my college tuition, just so lay fucks can get a hand out 🤔. I wonder if I’ll get 10k back at least Just remember, forgiven and cancelled are code words for transferred to taxpayers. In other words, if you are a taxpayer they are going to make you pay the debt for these deadbeats.
Source: KPRC2 - 🏆 80. / 68 Read more »