Millions Of Americans Qualify For New Student Loan Forgiveness

CHARLOTTE, N.C. – Big changes are coming for millions of Americans with student loans. President Joe Biden announced Wednesday that he is canceling thousands of dollars of federal student loans for borrowers. People who make less than $125,000 a year are eligible for up to $20,000 in student loan forgiveness if they received Pell Grants for college. People who make less than $125,000 a year, but did not receive the Pell Grant, are eligible for $10,000 in loan forgiveness.

Biden says the action is aimed at helping families who need it the most. He says, “No one with an undergraduate loan today, or in the future, whether for a community college or a four year college, will have to pay more than 5 percent of their discretionary income to repay their loan. That’s income after you pay the necessities like housing food and the like.”

The White House also announced it is extending the pause on student loan repayment for one last time this year. The U.S. Department of Education announced no payments will be required on federal student loans until January 2023.

Our question of the night: do you agree with the student loan forgiveness plan?

This episode features:
WCCB TV’s Morgan Fogarty
WCCB News Edge Contributor Ashley Anderson