President Biden’s announced student loan plan will help 43 million Americans and totally cancel student loan debt for 20 million people.
Video of President Biden:
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Biden said:
No high-income individual or high-income household on top of the 5% in the top 5% of incomes by the way. Will benefit from this action, In fact, about 90% of the eligible beneficiaries make under $75,000. Here is what that means. If you are making under $125,000, you get $10,000 knocked off of your student debt. You are making that, and you received a Pell Grant, you will get an additional $10,000 knocked off for a $20,000 relief.
95% of the borrowers can benefit from That is 43 million people. Of the 43 million, over 60% are Pell grant recipients, 27 million people who will get $20,000 in debt relief. Nearly 45% can have it fully canceled, that is 20 million people who can start getting on with their lives. All this means people can start crawling out from that mountain of debt.
Democrats have been trying to get some sort of cancelation of debt and reform of the student loan program accomplished for years, and President Biden got it done.
More legislative reform is necessary to increase borrower eligibility for forgiveness and to make the process easier, but President Biden delivered a huge step in the correct direction.
What President Biden did on Wednesday is massively important. It will improve the lives of tens of millions of working and middle-class Americans. Biden and congressional Democrats are gaining momentum in the midterm election because they are acting to make the lives of people better.
Biden delivered, and the size and scope of his accomplishment should not be ignored or treated like just another headline.
Mr. Easley is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association