Millions of college students to be given financial relief with new loan forgiveness plan.
By: Michael Donegan
President Joe Biden announced a historic student loan forgiveness plan last week.
According to the White House, the three-part plan will see up to 43 million college students getting their total loan amounts cut by $10,000 if they make less than $125,000 a year or $250,000 a year for married couples.
However, that $10,000 is doubled to $20,000 for 27 million Americans who have received The Pell Grant.
If you have less than $10,000 in student loans or less than $20,000 and you have received The Pell Grant, your debt slate will be wiped clean.
This comes after the COVID-19 pandemic had many calling for student loans to be canceled completely.
President Biden has also extended the pause on federal student loan repayments until Dec. 31, 2022.
You can sign up for loan forgiveness updates by going to ed.gov/subscriptions.