President Joe Biden announced a plan for the federal government to forgive billions of dollars of student loan debt, where around 43 million borrowers could each see up to $20,000 of relief.
About 45 million people have student loans in the United States, according to the White House, owing a total of $1.6 trillion dollars.
Biden’s plan, which he announced through executive action in August, makes multiple changes to the federal student loan system, including outright eliminating $10,000 in federal student loan debt for borrowers with incomes less than $125,000 a year and $20,000 for federal Pell Grant recipients, 93 percent of whom come from families that earn less than $60,000 a year, according to the National Association of Student Financial Aid Administrators.
The PBS NewsHour spoke to 7 borrowers of federal student loans, all of whom will be impacted in some way by Biden’s plan. Here’s what they said the plan will mean for them.
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