This Wednesday, President Joe Biden addressed a very important matter and made some significant decisions. During a speech delivered at the White House, President Biden claimed to forgive up to $10,000 in student loan debt for low-income to middle-income borrowers. Bidens student loan forgiveness decision made millions of students around the world relax about their loan and debt worries.
“Education is a ticket to a better life…but over time, that ticket has become too expensive for too many Americans,” said Biden, addressing the urgency regarding growing student loan debts in the US.
Debtors with loans with the Education Department who generate less than $125,000 annually may be eligible for up to $20,000 in Bidens student loan forgiveness if they received Pell Grants, which are awarded to students from low- and moderate-income families. Those who make less than $125,000 a year but did not receive Pell Grants are eligible for loan forgiveness of up to $10,000.
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Bidens student loan forgiveness decision already disappointed many, some arguing that the loan forgiveness amount should have been bigger, with some arguing that Biden is punishing Americans who avoided going into debt. However, it fulfills one of President Biden’s campaign promises by implementing significant reforms to America’s student loan system and providing relief to a lot of current and future borrowers across America.
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