The Department of Education estimates that, among borrowers who are no longer in school, nearly 90% of relief dollars will go to those earning less than $75,000 a year.
In order to benefit from this announcement, most borrowers will have to submit an application to verify their income. The Education Department said nearly 8 million borrowers already have income information on file, and should qualify to have their debts canceled automatically. The department will announce further details on how borrowers can claim this relief in the weeks ahead.Many borrowers are celebrating Biden's announcement: Giselle Parks of Orlando, Fla.
Many economists and higher education experts also opposed the move, arguing that widespread debt cancellation would do nothing to fix the rising costs of college.
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Biden cancels up to $20K in student loans for Pell Grant recipients, $10K for millions of othersThe White House also extended the moratorium on monthly student loan payments and interest through Dec. 31. The decision will: • Cancel up to $20k for Pell Grant recipients and up to $10k for borrowers who make under $125k •Extend the pause on repayments by 4 months • Cut monthly payments in half for future borrowers taking out undergraduate loans Can we just call this for what it is; Democrats panic buying votes before the midterms and screw the consequences He's trying to buy Democrat support.
Source: axios - 🏆 302. / 63 Read more »
Biden student loan plan: $10,000 forgiven, $20,000 for Pell Grant recipientsBiden is also extending a pause on federal student loan payments for what he called the “final time” through the end of 2022.
Source: FOX10News - 🏆 581. / 51 Read more »
Biden student loan plan: $10,000 forgiven, $20,000 for Pell Grant recipientsBiden is also extending a pause on federal student loan payments for what he called the “final time” through the end of 2022. Where's my freakin refund I payed my student I didn't get a handout. Your just trying to buy votes Biden. While you create a spoiled generation of young people. Your just a junky president. I'm eligible! 😐. Wish i did make that or more...
Source: wsfa12news - 🏆 338. / 59 Read more »
Biden forgiving up to $20K in student loan debtPresident Joe Biden announced Wednesday that his administration will forgive up to $20,000 worth of student loan debt for borrowers who received Pell Grants. “Idiocracy” is looking more and more like a documentary by the day. This does nothing until we have student loans reform. These loans are predatory. Why would we offer 18 year olds who haven’t worked loans or $100k+ and make it impossible to get rid of via bankruptcy etc. Good start but big changes needed
Source: kgun9 - 🏆 584. / 51 Read more »