On Wednesday, President Joe Biden announced plans to cancel up to $10,000 of student loan debt for borrowers earning an annual income of under $125,000.
The President also said that the amount of forgiveness will be higher for low-income earners who went to college on Pell Grants. Those who attended college on Pell Grants will receive $20,000 in student loan forgiveness.
Biden added that those with undergraduate federal loans can cap their payment at five percent of their monthly income and plans to extend the payment freeze one final time until the end of the year.
In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023.
I’ll have more details this afternoon. pic.twitter.com/kuZNqoMe4I
— President Biden (@POTUS) August 24, 2022
Mississippi Governor Tate Reeves weighed in on the announcement.
Today Biden will announce that welders, plumbers, laborers, & other Mississippians (black, white, Hispanic, etc.) will be forced to pay off the debts of Harvard doctorate degree gender studies majors living in California.
Why does the Democrat Party hate working people so much?
— Governor Tate Reeves (@tatereeves) August 24, 2022
The official announcement will be made by Biden on Wednesday at 1:15 p.m. CT.
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