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Biden OKs sweeping student loan relief as midterms near

Biden OKs sweeping student loan relief as midterms near


Michael Stratford and Eugene Daniels
August 24, 2022
The Biden administration on Wednesday announced it was canceling up to $10,000 of student debt for millions of people and up to $20,000 of debt for low- and middle-income borrowers who previously received a Pell grant.
The loan relief will be limited to borrowers who earn less than $125,000 a year or families earning less than $250,000. In addition, the White House plans to extend the moratorium on monthly payments and interest for a “final time” through Dec. 31.
On a call with reporters, administration officials said the combination of forgiveness and restarting payments in January would “largely offset” each other, a rebuttal to criticism that the key elements of the plans would increase inflation.
The officials also touted a plan already in the works at the Education Department to overhaul the current student loan repayment system. That income-driven plan would cut monthly payments in half for undergrads and propose a permanent rule change in the Public Service Loan relief program to make it easier to receive loan forgiveness credit for people with jobs in the military, nonprofit or government.
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