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President Biden relieves student debt for low income earners
On Tuesday, President of the United States Joe Biden announced a student loan debt relief program that he had promised in his campaign.
He said people making under $125,000 could qualify, leaving out the top 5% of income earners. He said he would forgive $10,000 per person in outstanding federal student loans, and students from low-income households who qualified for a Pell Grant would be relieved of $20,000 worth of student loans. He said up to 43 million people would benefit from debt relief, and 45% of them — 20 million people — could pay off their entire student debt.
“[P]eople can finally crawl out from under that mountain of debt and get on top of their rent and utilities, and finally think about buying a home and starting a family or business,” Biden stated.
He said a “short and simple form” would be developed, which, according to a press release, will be detailed in the coming weeks.
“I will never apologize for helping working or middle class Americans,” Biden said.
He said you could see if you qualify for student loan forgiveness by going to pslf.gov before Oct. 31.