And, for all Americans, the pandemic-era pause on federal loan payments will continue until January 2023.
It’s a thrilling day for many who are having difficulty making payments while keeping themselves afloat financially.
But rather than aiming for universal debt forgiveness, the White House has targetted lower-income college graduates and dropouts.
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This includes many people who only attended a semester or two of community college.
Thoughts on student debt forgiveness!
But I believe my plan is responsible and fair.
Some people may even qualify to have more of their debt wiped out.
Current income-based plans typically take 10% to 15% of monthly income.
Todays action of getting student loan debt relief to borrowers is about opportunity.
Its about giving people a fair shot.
President Biden (@POTUS)August 24, 2022
So, what happens next?
For anyone else who feels that they qualify, they will need to apply.
His initial forgiveness measures were aimed at permanently disabled borrowers and students defrauded by for-profit universities.
And almost ninety percent of the benefit will go to folks making less than $75,000 a year.
