Biden Announces the Details of His Student Loan Forgiveness Plan
glamour.comannounced it will forgive $10,000 in federal student loan debt per borrower and $20,000 for borrowers who also received . The administration will also extend the existing student loan moratorium for another four months, until December 31, 2022.
The decision applies to undergraduate only and is limited to debtors with an annual income under $125,000 per year (or under $250,00 for households).This content can also be viewed on the site it from.At least 14 million of the roughly 43 million Americans with federal student loans have under $10,000 in debt and could have the entirety of their debt burden canceled, according to from the Department of Education.
Looking at debtors under 35 years old specifically, about 36% of them have less than $10,000 in federal student loans and could see their student loan bill wiped clean.
We don’t currently have data on how many of those millions of debtors would be made ineligible for debt relief because of the income cap.This announcement falls short of the $50,000 per borrower minimum supported by several prominent lawmakers and the NAACP, and even further short of the full debt cancellation backed by hundreds of unions and community groups, and many activists and advocates.
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