Hi John! Today proved to be a huge win in the fight for student debt relief. President Biden announced a student loan debt relief plan that includes: -
$20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education
- $10,000 in debt cancellation to non-Pell Grant recipients if their individual income is less than $125,000 ($250,000 for married couples).
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Extending the pause on federal student loan repayment one final time through December 31, 2022. Borrowers should expect to resume payment in January 2023.
- A new income-driven repayment plan that caps monthly payments for undergraduate loans at 5% of a borrower’s discretionary income—half of the rate that borrowers must pay now under most existing plans.
As we approach the midterm elections, student loan debt has been at the forefront of voters’ minds. Three in four voters are paying attention to what candidates say about the student loan debt crisis. This year, all 435 seats in the U.S. House of Representatives and 35 Senate seats are up for election, and those elected in this year’s midterms can directly decide the future of student loan debt.
Today is an important reminder that when we all vote, we get things done! Will you chip in to help register voters for the upcoming midterm election? |
