Welcome to Thursday, August 25th, canyons and rivers...
Biden announced that he is canceling $10,000 in student loan debt for borrowers making less than $125,000.
Millions of Americans anticipated the announcement as Biden’s campaign promised this economic relief for months.Â
Biden also proposed changes to the repayment systems, which would cut many borrowers’ bills monthly. Through the Education Department, Biden hopes to cap undergraduates’ loans at 5% of their discretionary monthly income. The current plans cap payments at 10% of a borrower’s income. Biden also seeks to have the government cover the monthly interest payments.Â
Many are waiting to see how Biden’s plan will impact the midterm elections.Â
How do you feel about Biden's new plan?
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