Who is eligible for federal student loan forgiveness?

President Joe Biden announced a plan Wednesday to forgive up to $20,000 in federal student loan debt.Borrowers who received a Pell Grant in college are eligible for up to $20,000 in debt cancellation. People who didn't receive a Pell Grant are eligible for up to $10,000 in student loan forgiveness.

The Department of Education said it will provide an application in the coming weeks so people can claim the relief. It added that nearly 8 million borrowers may be eligible to receive relief automatically because of information already available to the department.The Department of Education is also initiating a new rule that it says will lower future monthly payments.

"It would cut in half—from 10% to 5% of discretionary income—the amount that borrowers have to pay each month on their undergraduate loans, while borrowers with both undergraduate and graduate loans will pay a weighted average rate," the department said. Loans would also be forgiven after a borrower has paid for ten years if they had an original loan balance of $12,000 or less. The current rule allows loans to be forgiven after 20 years. The new rule would also cover unpaid monthly interest, the department said.President Biden extended the repayment pause that was initiated at the beginning of the pandemic. The pause will now expire on Dec. 31, 2022. Biden said that will be the final extension of the pause.

I agree with a higher education but its also a choice and to use my tax dollars to pay off someone's student loans is not a choice I would agree with. Along with many others we never got the chance to have our debt paid for. We worked hard to pay it off our debt.

A entire generation of ITT students are beyond happy right now. THOUSANDS of men and women a whole lot better off, cease and desists on garnishments. PELL GRANT recipients in Arizona $20,000 over the next 10yrs towards a home instead of a interest only dead monetary zone

All the losers are eligible .

So, how can I get 10K back since I decided to pay off my loans.

'The recent announcement regarding student loan forgiveness is only applicable for Federal student loans. Any loans serviced by Firstmark Services are private loans which are not included in the Federal government's forgiveness package.' well, fucked for doing right thing

Yeah bc money is picked off a tree like ripe fruit

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Biden announces mass student loan forgiveness programBREAKING: President Joe Biden has announced a mass student loans forgiveness program. This is discriminatory towards anyone who did not attend college. It’s in keeping with the slacker mentality this generation and progressives have. they’re the same one who endorse “quiet quitting”. Colleges should be on the hook for student debt. Part of the tuition should be for a placement program for the student's first job in their field of study. This should eliminate bogus degrees and make colleges focus on education NOT safe spaces.
Source: dcexaminer - 🏆 6. / 94 Read more »

White House Considering $10,000 in Student Loan Forgiveness for Borrowers Who Make Under $125,000: ReportPresident Joe Biden has promised to make a decision on student loan forgiveness by the end of August, when monthly loan payments are set to resume.
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Biden's Decision on Student Loan Forgiveness Could Come as Soon as TomorrowThe Biden administration has promised to make a decision on student loan forgiveness by the end of August, when monthly loan payments are scheduled to resume after being paused for over two years: Good. They deserve it but it should be more. They work 4 times harder and for less pay than the entitled boomers who got to go to school for $500 a semester.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »

Student loans: Biden could announce $10,000 student loan forgiveness as soon as WednesdayEligible borrowers would include those with federal Direct Loans, FFELP Loans, Perkins Loans, Parent PLUS Loans and Grad PLUS Loans. Borrowers with private loans would be excluded. Shame. I made way less than that after college and had to pay all mine back. I agreed to the debt, so I was responsible for paying it back. Why? It is a half measure that angers the left for its cowardice but still makes the right rage. If we can bail out Wall Street and forgive PPP loans (averaging over $90,000) we can forgive 100% of student debt. idk if i can even call this a half measure, more like a 1/8 measure. cancel all existing, and hard cap interest rates permanently
Source: aldotcom - 🏆 82. / 68 Read more »