Recently, President Joe Biden announced his new Student Debt Relief Plan that will provide loan relief to forty-three million people. I’m proud of the President for making the right steps. He understands higher education is about giving people a shot at a better life, not saddling them with debt.
Incredibly, 44% of those borrowers (according to CNBC) will have their loans fully cancelled. This is huge. In Texas alone, nearly 53% of our college graduates have student loan debt averages more than $26,000 per graduate. This plan will help many of them!
On top of that, borrowers will pay no more than 5% of their discretionary monthly income on undergraduate loans. If you pay that amount, no interest will occur. This is huge!
Keeping you informed with the best information is one of my greatest priorities. I want to make sure as many Texans as possible can access this student loan debt relief. So, in this e-newsletter, you’ll find reliable information so you can start planning today. Please continue reading below and share with a fellow Texan who may find this helpful!
If you, or someone you know
In addition, President Biden also announced:
- One final extension of the federal student loan pause through December 31, 2022, to provide borrowers a smooth transition back to repayment.
- The ability to cap undergraduate loan repayment at 5% of your discretionary monthly income.
The student loan debt relief application is open now. The application takes less than 5 minutes to complete and is available in English and Spanish on desktop and mobile devices. You’ll need to fill out the application. Make sure to fill out the application before November 15, 2022, to receive relief before the payment pause ends!
Want more information? Please visit StudentAid.gov/DebtRelief to learn more!
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Sincerely,
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