RICHMOND, Va. (WRIC) — President Joe Biden announced the basic points of his student loan debt plan on social media ahead of an official press conference planned for 2:15 p.m. Wednesday.
The President announced $20,000 in student loan debt will be forgiven to those earning less than $125,000, if they went to school on Pell Grants. For those who did not receive Pell Grants, $10,000 will be forgiven, again, as long as the borrower earns less than $125,000.
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.”
President Joe Biden
Biden also confirmed that the pause on student loan payments will be extended “one final time” through Dec. 31, 2022.
The announcement also contained a change to a payment option based upon income in which those with undergraduate loans will be able to cap repayment at 5% of their monthly income.
“Getting the education you need to achieve your dreams or provide for your family shouldn’t be a one-way ticket to a mountain of debt,” said U.S. Senator Tim Kaine in a statement after the announcement. “I’m glad to see President Biden provide targeted student loan forgiveness to help millions of Americans. This will make a big difference for so many Virginians and Americans. I’m going to keep working to ease the burden of student loan debt and make post-secondary education more affordable.”
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