Federal Student Loan Borrowers, We Want Your Thoughts On Biden's Forgiveness Plans
This week, the Biden administration announced that they're moving ahead with plans to forgive up to $20,000 in student loan debt for Pell Grant recipients and up to $10,000 for other federal borrowers making less than $125,000 a 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.I'll have more details this afternoon.
Student loan debt can be a huge financial burden. While for some 20 million borrowers, this plan will lift them out of debt, for others it's not nearly enough. So if you have federal student loans, we want to know how this plan will affect you.
Maybe you've been paying off your loans for years and years, and had about $7,000 left to go. The new forgiveness measure means you're finally debt-free! You never expected to be rid of your loans, and it feels like a huge weight has been lifted.
Or perhaps you graduated with $20,000 in debt, but thanks to interest adding up, you now owe $40,000. This forgiveness plan will cut down your debt for a while, but you're worried that after a few more years of interest charges, it won't really have made much of a difference for you.
Or maybe you're in school right now, and you're wondering how these changes are going to play out after you graduate. It's great seeing people get a little financial relief, but you're also worried about your own future.
