Biden Student Loan Forgiveness Plan 2022

Officials consider canceling student loans to people earning less than $125,000 or $150,000 per year.

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Amid speculation, the White House hinted that the POTUS could provide relief to those earning less than $125,000 per year.

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At least one income-driven repayment (IDR) plan is available for most federal student loans, and your monthly payment could be as low as $0 if your income is low enough.

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[{"selector":"#anim-4dfb1907-cd9d-43ca-bd25-dd7c7b309666 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(21.412036923262765%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] IDR plans are also a requirement of the PSLF program, which can help borrowers pay off their federal student loans in as little as ten years if they work for a nonprofit or govt.

[{"selector":"#anim-d9ed1d6f-6e74-4071-be4f-233bb94c0a36 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(14.843749786673241%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] FSA assumed the IDR program would bring over 3.6 million student loan debtors closer to having their debt erased by at least three years.

[{"selector":"#anim-5544f474-de03-4b8b-86fc-0e90e962544d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(30.070883097318653%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] According to previous data, persons earning less than $150,000 for a single person and $300,000 for a couple had 97% of all student debt.

[{"selector":"#anim-3b90ca9f-8175-499d-b30a-03822f457002 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(14.833574316278645%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] The top 20% of earners account for 36% of all student debt.

[{"selector":"#anim-3b6dee2d-5f43-41dc-bbf8-4e3c67f84658 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(21.874999829338595%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] Over 60% of student debt is owed by households earning more than $74,000.

[{"selector":"#anim-5fff5817-1d07-44fc-bb68-1440e5415d1b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.812499744007886%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] According to Reuters, Biden is exploring student loan forgiveness, but not at the $50,000 per borrower level!