In a long-awaited announcement, Biden said that his administration is canceling up to $20,000 in student debt for a large portion of the 45 million Americans burdened by student loans.
– funding for undergraduate students with low incomes – will be granted an additional $10,000 in debt forgiveness for a total of $20,000. The plan will allow those with undergraduate loans to cap payments at 5 percent of their monthly income.
The president also said he is extending the student loan payment pause “one final time” until December 31, past the midterm elections, allowing borrowers to hold off on paying their student loans for another four months. The payment pause was set to expire on August 31, or in one week. “In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,” Biden
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