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President Biden Announces New Student Loan Forgiveness Plan

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President Biden,Student Loan Forgiveness,Federal Student Loans

President Joe Biden has unveiled a new student loan forgiveness plan that could benefit up to 30 million people. The plan includes forgiving $20,000 of unpaid interest on federal student loans and canceling the entire interest balance for low- and middle-income borrowers enrolled in income-driven repayment plans.

President Joe Biden announced a new student loan forgiveness plan Monday, which could benefit as many as 30 million people, according to estimates.Sign up for NBC San Diego newsletters.More than 25 million borrowers owe more than they originally borrowed in federal student loans, because of accrued interest charges, according to the Biden administration.

Anyone enrolled in the Saving on a Valuable Education plan or any other income-driven repayment plan would be eligible without having to apply.25% of Gen Zers say they'll need a therapist to deal with tax filing stressWhy overspending is one of the biggest financial mistakes you can make I opened two accounts to help grow my savings. Here's what I learned as a Gen Z personal finance reporterConsumer advocates and borrowers have complained that the government's debt forgiveness programs can be hard to know about and to access.

Borrowers with undergraduate debt would qualify for forgiveness if they first entered repayment on or before July 1, 2005, and borrowers with any graduate school debt would qualify if they first entered repayment on or before July 1, 2000, the administration said, and both direct loans and consolidated loans are eligible for relief.Graduates with loans from"low-value" institutions or programs would also be eligible for loan forgiveness.

 

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