John, yesterday the Biden Administration announced plans to cancel up to $20,000 in student loan debt for borrowers.
Just like with the extensions on the Public Service Loan Forgiveness Program, I am committed to making sure all Delawareans are able to take advantage of this opportunity.
A post-high school education should be a ticket to the middle-class. But the cost of college has skyrocketed and too many borrowers can’t afford to buy a home, start a business, or save for retirement.
My team has been pouring over the Biden Administration's plans. Here’s what this mass student debt cancellation means for you:
☑️ Borrowers can receive up to $20,000 in debt cancellation if they are Pell Grant recipients and up to $10,000 in debt cancellation if they are non-Pell Grant recipients.
☑️ Borrowers who earn less than $125,000 per year or households earning less than $250,000 are eligible for debt cancellation.
☑️ Federal student loan payments will remain paused for one final time through December 31, 2022 to provide borrowers a smooth transition back to repayment.
☑️ Finally, the Biden Administration's plan makes the student loan system more manageable for current and future borrowers by cutting monthly payments in half for undergraduate loans and holding schools accountable when they hike up prices.
John, this is a huge opportunity for student loan borrowers in our state to become more financially secure–and I'm prepared to use every resource available to my office to make sure every Delawarean eligible can take advantage of the program.
Already, my office has conducted outreach, including webinars with thousands of attendees, explaining how to take advantage of the temporary changes in criteria making the Public Service Loan Forgiveness program accessible to more borrowers.
We are committed to ensuring that every single Delawarean has every tool available to get control of their student loan debt and has the financial literacy and resources to build a brighter future. Our state economy thrives when we all thrive–and it is my mission to ensure that all Delawareans are financially healthy and stable.
I want to see that mission through as your Treasurer. That's why I'm running for reelection. But it's going to be a tight race–and I need your support if we're going to win. John, will you make a donation of any amount to our campaign today and bring our team closer than ever to a win in November?
Thank you for your support, and keep an eye out for more information on how to access student loan debt relief. If you have any questions, feel free to let my team know, and we'll help you figure it out.
Sincerely,
Treasurer Colleen Davis
