BREAKING NEWS
Biden unveils historic student loan forgiveness and repayment restructuring plan
In a transformative move that will deliver immediate, tangible relief to tens of millions of Americans, President Biden announced that $10,000 of loan debt would be forgiven for borrowers making under $125k (250k for families), $20,000 in relief for Pell Grant borrowers, and extended the repayment moratorium until the end of the year. But almost most importantly, he radically restructured income based repayment plans for poor borrowers to cap payments at 5% of income, cover ALL interest payments, and automatically forgive debt under $12,000 after 10 years. … [more]
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