By KENNEDY GRIFFINS
(Washington, DC) President Biden announced the Biden Administration’s Student Loan Debt Plan Wednesday.
Biden announced via Twitter that, in terms of forgiving debt, $20,000 would be forgiven if you went to college on Pell Grants and $10,000 if you did not receive Pell Grants. Forgiveness would only apply to individuals making less than $125,000. And the student loan passed would be extended “one final time” and expire on December 31st, 2022.
Additionally, income-based payment plans would allow borrowers to cap undergraduate student loans at 5% of their monthly income.
The student loan pause began in March 2020. The Biden administration has since canceled $32 billion in student loans, including cancellations for student who attended for-profit education institutes.