Not what everyone over here wanted, but still a BFD if it survives legal challenges:
President Joe Biden on Wednesday announced his long-awaited plan to deliver on a campaign promise to provide $10,000 in student debt cancellation for millions of Americans — and up to $10,000 more for those with the greatest financial need — along with new measures to lower the burden of repayment for their remaining federal student debt.
Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness, Biden announced in a tweet. For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.
Biden is also extending a pause on federal student loan payments for what he called the “final time” through the end of 2022.
There's more coming (see article at link). Every effort made to reduce the burden of student debt will be fought tooth and nail by the loan industry and their in- pocket pals, the Republican/ Pain Party.
Here's what you need to know (who qualifies, what do you have to do as a borrower, FAQs etc.).
