Biden Cancel Student Loan Debt: What And Why It’s Matter?

On Wednesday, President Biden issued an announcement to provide relief federal student loan debt.

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He vowed to cancel at least $10,000 in student loan debt for millions of borrowers, and $20,000 to Pell Grant recipients.

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Joe Biden additionally extended the student loan interest rate pause until December 31.

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Up to $20,000 for person who gets the Pell Grant have been relieved of debt;

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$10,000 for borrowers with annual earnings of less than $125,000 or from those with yearly earnings of no more than $250,000.

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Up to 43 million borrowers will receive some form of relief. Approximately 20 million borrowers will be dropped entirely from their bank accounts.

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Canceling the debt is a Band-Aid; advocates would like college to be more affordable.

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