08/24/2022
šØBREAKING NEWS šØ
Biden cancels federal student loan debt for millions. Here are the deets:
- Forgiveness up to $10,000 of federal student loan debt for borrowers earning less than $125,000 a year.
- Forgiveness up to $20,000 for Pell Grant recipients earning less than $125,000 a year
- Extended pause on student loan payments and interest - ONE FINAL TIME - through Dec 31
- Capping income-based payments for undergrad loans at 5% of the borrower's monthly income.
To clarify what "up to" in "up to $10/20,000" means - your relief is capped at the amount of your outstanding debt. For example, if you're eligible for $10,000 in debt relief but have a balance of $8,000 remaining, you will only receive $8,000 in relief⦠makes sense lol
This is a HUGE win for student loan borrowers and will change the lives of millions of people. Personally, as someone who paid off my debt myself, I am very excited for everyone who qualifies. What are your thoughts? If you qualify.. HOW DO YOU FEEL RN OMG OMG!!!