The Biden Administration has announced $10,000 federal student loan cancellation per student making $125K or less per year.
“ In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,” the President tweeted Wednesday.
Via @CBSNews: “Under the plan, which the president unveiled on Twitter, borrowers earning less than $125,000 a year, or couples earning less than $250,000 a year, will be eligible for up to $10,000 in loan forgiveness. Recipients of Pell Grants, which are given to students with the greatest financial need, are eligible for another $10,000 in relief.
Loan payments will also be capped at 5% of monthly income. Current students will be eligible for debt relief as well, although future students will not be, according to senior administration officials who explained the details of the plan on a call with reporters.”
We encourage y’all to check on your qualifications! This is going to provide so much relief for many Americans! #BWLM💕
