Biden to cancel up to $10K in federal student loan debt for certain borrowers and up to $20K for Pell Grant recipients
The administration will also extend the pause on federal student loan payments through Dec. 31.
I think what’s not appreciated as much in the reporting on this great move is the 5% income cap and 20 year limit on loans. I still wish education would be free but this is a great first step.
“Biden on Wednesday also announced a new income-driven repayment plan that would cap monthly payments for undergraduate loans at 5% of a borrower’s discretionary income, down from the rate of 10% under most existing plans.”Posted on 2022-08-25T00:49:26+0000