President Joe Biden declared last week that his administration would aid millions of Americans living with student loan debt.
In a White House press release, the administration outlined a three-part plan on Wednesday, August 24, that provides student debt relief for low-to middle-income borrowers. In the statement, the administration promised to cancel anywhere from $10,000 to $20,000 of debt for eligible borrowers.
kAmp44@C5:?8 E@ E96 DE2E6>6?E[ E96 q:56? p5>:?:DEC2E:@? 9@A6D E96 A@=:4J H:== AC@G:56 p>6C:42? 72>:=:6D 3C62E9:?8 C@@> 2D E96J C64@G6C 7C@> E96 64@?@>:4 DEC2:?D 2DD@4:2E65 H:E9 E96 r~'xs\`h A2?56>:4] k^Am
kAm%96 q:56? p5>:?:DEC2E:@? :D 4@@C5:?2E:?8 H:E9 4@==686D 2?5 F?:G6CD:E:6D E9C@F89@FE E96 4@F?ECJ[ :?4=F5:?8 :? p=6I2?56C r:EJ[ 2D E96 7656C2= 8@G6C?>6?E C@==D @FE E96 C6=:67 AC@8C2>] k^Am
kAm%96 ~77:46 @7 u656C2= $EF56?E p:5 4@?E24E65 r6?EC2= p=232>2 r@>>F?:EJ r@==686 WrprrX :? E96 52JD 7@==@H:?8 E96 2??@F?46>6?E] %96 4@>>F?:EJ 4@==686 5:D4FDD65 E96 ?6H 7656C2= A@=:4J :? 2 =6EE6C 255C6DD65 E@ DEF56?ED]k^Am
kAm“pE E9:D E:>6[ 7@C DEF56?E =@2? 7@C8:G6?6DD[ E96C6 2C6 >@C6 BF6DE:@?D E92? 2?DH6CD 7@C J@F 2?5 7@C E96 rprr u:?2?4:2= p:5 ~77:46[” E96 =6EE6C C625D :? A2CE] “(6 5@ <?@H H92E 92D 366? D92C65 H:E9 FD WC676C6?465 36=@HX 7C@> E96 ~77:46 @7 u656C2= $EF56?E p:5”k^Am
kAm%96 7656C2= 286?4J D92C65 H:E9 E96 4@==686 D6G6C2= 8@G6C?>6?E H63D:E6D[ :?4=F5:?8 u656C2= $EF56?E p:5[ 2? @77:46 @7 E96 &]$] s6A2CE>6?E @7 t5F42E:@?[ 2?5 2 =:?< E@ E96 }2E:@?2= pDD@4:2E:@? @7 $EF56?E u:?2?4:2= p:5 p5>:?:DEC2E@CD W}p$uppX] k^Am
kAmp44@C5:?8 E@ E96 4@==686 DE2E6>6?E[ E96D6 D@FC46D H@C< H:E9 u656C2= $EF56?E p:5 AC@8C2>D @? 2 52:=J 32D:D 2?5 AC@G:56 C6=:23=6 :?7@C>2E:@? E@ DEF56?ED 2?5 7:?2?4:2= 2:5 DE277]k^Am
kAmrprr 25>:?:DEC2E@CD 25G:D65 :? E96 =6EE6C E92E DEF56?ED C6>2:? A2E:6?E 2D D49@@=D ?2G:82E6 E96 ?6H A@=:4J] k^Am
kAm“%96C6 2C6 >2?J :>A=6>6?E2E:@? 2?5 6=:8:3:=:EJ BF6DE:@?D E92E 2C6 DE:== F?2?DH6C65] #6>6>36C E92E E96 rprr u:?2?4:2= p:5 ~77:46 :D 96C6 E@ 96=A @FC DEF56?ED 2?5 E92E H6 2C6 2== :? E9:D E@86E96C[” E96 =6EE6C D2:5] k^Am
kAms6DA:E6 =:?86C:?8 BF6DE:@?D[ E96 q:56? p5>:?:DEC2E:@? DFAA@CED E96 ?6H A@=:4J[ 2C8F:?8 3@CC@H:?8 >@?6J 7@C 4@==686 92D 364@>6 2 ?646DD:EJ EC2?D7@C>65 :?E@ 2 =:76=@?8 3FC56? 2D EF:E:@? AC:46D 4@?E:?F2==J D<JC@4<6E] k^Am
kAm%96 25>:?:DEC2E:@? ?@E65 E92E E96 E@E2= 4@DE @7 3@E9 7@FC\J62C AF3=:4 2?5 7@FC\J62C AC:G2E6 4@==686 92D ?62C=J EC:A=65 D:?46 `hg_[ 6G6? 27E6C 244@F?E:?8 7@C :?7=2E:@?] k^Am
kAm%F:E:@? 2E >2?J p=232>2 F?:G6CD:E:6D 4FCC6?E=J C2?86D :?E@ E96 E9@FD2?5D @7 5@==2CD] pE pF3FC? &?:G6CD:EJ[ 2 7@FC\J62C AF3=:4 4@==686 ;FDE c_ >:=6D 7C@> p=6I2?56C r:EJ[ EF:E:@? C2?86D 32D65 @? 2? p=232>2 C6D:56?4J] k2 9C67lQ9EEADi^^HHH]2F3FC?]65F^25>:DD:@?D^EF:E:@?^4@DE@72EE6?52?46]A9AQ E2C86ElQ03=2?<Qmp44@C5:?8 E@ E96 F?:G6CD:EJVD H63D:E6[k^2m E96 a_aa 72== D6>6DE6C 4@DED Se[_gg 7@C 2? p=232>2 C6D:56?E 2?5 S`e[cg_ 7@C ?@?\C6D:56?ED] k^Am
kAm%96 F?:G6CD:EJ’D H63D:E6 2=D@ ?@E6D EF:E:@? 4@DED 2C6 E96 2G6C286 AC:46 E@ 2EE6?5 2 4@==686 @C F?:G6CD:EJ 7@C E96 72== 2?5 DAC:?8 D6>6DE6CD @7 @?6 24256>:4 J62C] xE :?4=F56D EF:E:@?[ C68:DEC2E:@? @C DEF56?E D6CG:46D 766D 2?5 :D 32D65 @? 2? 6DE:>2E6 @7 2G6C286 4@DED 7@C 3@@<D 2?5 DFAA=:6D[ C@@> 2?5 3@2C5[ EC2?DA@CE2E:@? 2?5 A6CD@?2= 6IA6?D6D] k^Am
kAm#68:@?2==J[ %FD<6866 &?:G6CD:EJVD 32D6 EF:E:@? 7@C E96 a_aa 72== D6>6DE6C :D k2 9C67lQ9EEADi^^HHH]EFD<6866]65F^r@?E6?E^&A=@25D^%FD<6866^7:=6D^u:?2?4:2=D^%F:E:@?\2?5Ta_\u66D\$966E\a_aa\a_ab\e\`f\a_aa\#6G:D@?D\FA52E65]A57Q E2C86ElQ03=2?<Qm?62C=J S`_[___k^2m[ 244@C5:?8 E@ E96 4@==686’D H63D:E6[ 2?5 2 7F== 24256>:4 J62C 2E E96 &?:G6CD:EJ @7 |@?E6G2==@ :? a_aa H:== 4@DE S`a[___ 32D65 @? DE2E:DE:4D 7C@> k2 9C67lQ9EEADi^^HHH]>@?E6G2==@]65F^25>:DD:@?D\2:5^F?56C8C25F2E6\25>:DD:@?D^4@DE^Q E2C86ElQ03=2?<QmE96 F?:G6CD:EJ’D 25>:DD:@? H63D:E6]k^2mk^Am
kAmpE %C@J &?:G6CD:EJ[ EF:E:@? C2E6D 92G6 C6>2:?65 F?492?865 7@C E96 E9:C5 4@?D64FE:G6 J62C 2E E96 D49@@=[ H:E9 3@E9 @?=:?6 2?5 :?\A6CD@? F?56C8C25F2E6 4=2DD6D k2 9C67lQ9EEADi^^HHH]EC@J]65F^D49@=2CD9:AD\4@DED\2:5^4@DED^EF:E:@?\766D^:?56I]9E>=Q E2C86ElQ03=2?<Qm4@DE:?8 Sbgg A6C 4C65:E 9@FC] k^2mk^Am
kAmpD E96 7656C2= C6=:67 C@==@FED :? E96 >@?E9D 29625[ rprr #64CF:E6C 2?5 r@@C5:?2E@C @7 w:89 $49@@= 2?5 !F3=:4 #6=2E:@?D[ D2:5 :? p=6I2?56C r:EJ[ E96 4@==686 H:== 4@?E:?F6 E@ FA52E6 DEF56?ED C682C5:?8 E96 AC@8C2>] k^Am
kAm“%96C6 :D DE:== :?7@C>2E:@? 4@>:?8 5@H? E96 =:?6 3642FD6 :EVD :? E96 :?:E:2= DE286D] pD H6 =62C? 255:E:@?2= :?7@C>2E:@?[ H6 H:== >2<6 :E 2G2:=23=6[” 96 D2:5] k^Am
