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Biden announces student loan debt relief plan

Published 08/24/2022, 11:52 AM
Updated 08/24/2022, 11:55 AM
© Reuters. FILE PHOTO - A graduating student waits for the start of the Commencement ceremony at the Massachusetts Institute of Technology (MIT) in Cambridge, Massachusetts, U.S., May 27, 2022.   REUTERS/Brian Snyder

© Reuters. FILE PHOTO - A graduating student waits for the start of the Commencement ceremony at the Massachusetts Institute of Technology (MIT) in Cambridge, Massachusetts, U.S., May 27, 2022. REUTERS/Brian Snyder

WASHINGTON (Reuters) - U.S. President Joe Biden said on Wednesday his administration would forgive student loan debt for many borrowers and would extend a pause on student loan repayments until Dec. 31 of this year.

© Reuters. FILE PHOTO - A graduating student waits for the start of the Commencement ceremony at the Massachusetts Institute of Technology (MIT) in Cambridge, Massachusetts, U.S., May 27, 2022.   REUTERS/Brian Snyder

Biden said on Twitter (NYSE:TWTR) his administration would forgive $20,000 in student loan debt for borrowers who went to college on Pell Grants, and would forgive $10,000 for those who did not receive Pell Grants. The plan applies to those who earn less than $125,000 a year.

He said he would deliver remarks on the plan at 2:15 pm (1815 GMT).

Latest comments

Bribing voters with their own money.
Buy the voters' approval, that seems like a solid re-election plan in the face of abysmal approval ratings!
Mo' money, Mo' money, Mo' money !
Biden. No possible way he can handle 2 more years. He's too decrepit.
Ridiculous! Should ALSO refinance all remaining balances at ZERO% financed by Gov. And, remove bankruptcy restrictions. Companies aren't held to that standard! How many times have we bailed out Airlines and Car companies and etc?
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