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The government will forgive $10,000 in loans for borrowers who earn less than $125,000, and will extend the payment freeze until the end of the year.
Ella Ceron and
Paulina Cachero
For some of the 45 million Americans with student loans, the Biden administration’s package of debt relief is coming as a welcome, if long overdue, relief. For others, it feels like a Band-Aid over a deepening wound.
President Joe Biden announced Wednesday that the government would forgive $10,000 in loans for borrowers who earn less than $125,000 a year, and $20,000 for recipients of Pell Grants, who must display exceptional financial need. The president will also extend the moratorium on repaying student debt through Dec. 31, and capped repayment of undergraduate loans at 5% of the borrower’s monthly income.
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