Biden Announces $10000 in Student Loan Debt Relief & $20000 for Pell Grant
Finally, President Joe Biden announced Student Loans Debt Plan on Wednesday.
In this program, the Biden administration will forgive up to $10,000 of federal loans for people who earn less than $125,000 a year individually.
Or, the married couples, who file jointly, and earn less than $250,000 will get loan forgiveness of up to $10,000.
And, the students who have received a Pell Grant will get loan forgiveness of up to $20,000
The average student loan debt is $37,693, according to the Education Data Initiative.
As per the report, 40 million people in the United States hold a collective $1.7 trillion in student loans.
The Biden administration estimated that as many as 43 million borrowers would benefit from the loan forgiveness.
They also estimated that about 20 million borrowers had their balances erased completely.
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