Biden Announces $10,000 in Loan Forgiveness, Plus $20,000 in Pell Relief For Borrowers

"President Joe Biden unveiled an unprecedented plan to address the student loan debt crisis on Wednesday, which not only includes the forgiveness of $10,000 for borrowers who earn less than $125,000 but also the elimination of $20,000 for former Pell Grant recipients, a stunning late addition to help those most in need of relief," University Business reports

... "'We note that student loan relief without proposals for systemic reform is incomplete,' said Justin Draeger, CEO of the National Association of Student Financial Aid Administrators. 'Loan forgiveness today will not help new borrowers who are enrolling tomorrow. Students and parents need meaningful changes to the student loan system, and we are encouraged that the administration is proposing steps in that direction. NASFAA has also provided a set of recommendations that we hope the Biden administration and Congress will seriously consider.'"

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Publication Date: 8/24/2022

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