Biden Cancels $10,000 in Student Debt for Most Borrowers, Extends Payment Pause

Biden Cancels $10,000 in Student Debt for Most Borrowers, Extends Payment Pause

Biden Cancels $10,000 in Student Debt, for Most Borrowers, , Extends Payment Pause.

Biden Cancels $10,000 in Student Debt, for Most Borrowers, , Extends Payment Pause.

President Joe Biden announced the student loan debt cancellation via Twitter on Aug.

24.

The cancellation of $10,000 applies to individuals making less than $125,000 or couples making less than $250,000.

An additional $10,000 in debt ($20,000 total) will be canceled for students who received a Pell Grant.

Payments for those with undergraduate debt will not exceed five percent of monthly income, down from the previous 10 percent cap.

.

The payment pause will also be extended through Dec.

2022.

In keeping with my campaign promise, .., President Joe Biden, via Twitter.

... my Administration is announcing a plan to give working and middle class families breathing room... , President Joe Biden, via Twitter.

... as they prepare to resume federal student loan payments in January 2023, President Joe Biden, via Twitter.

The president will make a public statement further detailing the plan.

The announcement comes after nearly two years of internal White House debate and negotiations.

Democrats hailed the announcement, saying that it provides many with student loan debt space to make significant life choices.

That’s a lot of young people that are going to be able to have a sigh of relief, .., Rep.

Tony Cárdenas, (D-CA), via 'The New York Times'.

... that are going to be able to look forward to buying a house soon; they could look forward to starting a family sooner, Rep.

Tony Cárdenas, (D-CA), via 'The New York Times'.

Currently, close to 45 million individuals have student loan debt totaling more than $1.6 trillion