President Biden’s student-loan plan will reduce or wipe out the debt of millions of borrowers.
The plan eliminates up to $10,000 in federal-loan debt for individual borrowers with annual incomes of under $125,000 or couples who earn less than $250,000. Many borrowers will be eligible for total forgiveness up to $20,000 if they received Pell Grants, a form of federal financial aid awarded to students from low-income households.
The plan is expected to benefit the majority of the more than 43 million people in the U.S. who hold a total of $1.6 trillion in student-loan debt.
“We’re in unprecedented territory,” said Scott Buchanan, executive director of the Student Loan Servicing Alliance. “This has never been done before.”... Read More: WSJ