Biden’s Student Loan Forgiveness Plan

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President Biden will forgive up to $20,000 in government understudy loans for a huge number of Americans, a move that will give phenomenal help to borrowers.

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After more than a year of internal debate, the president said Wednesday he would cancel $10,000 in federal student loans for couples earning less than $125,000 per year, or $250,000 per year.

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In addition, those who receive federal Pell grants and earn less than $125,000 a year will be eligible for a total forgiveness of $20,000, Mr. Biden said.

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"An entire generation is now saddled with unsustainable debt" Mr. Biden said at the White House, adding that he wouldn't apologize for what he portrayed as a program to help the working class.

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President Biden will forgive up to $20,000 in government understudy loans for a huge number of Americans, a move that will give phenomenal help to borrowers.

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Mr. Biden also said that “I understand that not everything I’m announcing today is going to make everybody happy." “But I believe my plan is responsible and fair.”

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Independent calculations estimate that the plan will cost more than $300 billion over 10 years.

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White House officials said that the waiver applies to students on federal loans from undergraduate and graduate programs as well as Parent plus loans.

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White House officials also said borrowers who took out federal loans before June 30 of this year are eligible for forgiveness. Loans received after this date are not eligible.

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Mr. Biden also announced an extension of the pandemic pause on student loan payments until the end of this year. Loan payments to millions of borrowers resumed after August 31.

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The Department of Education will release more details on how borrowers can apply for relief in the coming weeks and will submit an application before the payment pause expires at the end of the year

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Around 8,000,000 borrowers could be qualified for automatic relief, the office said, in light of the fact that it as of now has their income data.

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The plan was welcomed by advocacy groups and Democrats who have long pushed for credit pardoning, however some recently required a lot more extensive program to delete more obligation.

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