Joe Biden announced a reduction of up to $ 10,000 in every student loan, also gave relief from repaying the loan in 2022
US President Joe Biden: President Joe Biden has announced a big relief to the university graduates who are graduating from the burden of debt in America. Biden said on Wednesday that he is waiving up to $10,000 in student loan debt for Americans earning $1,25,000 or less annually.
Also, all borrowers are being exempted from the payment of the loan till December 31. Reduction in loans was a big election issue Reducing student loans was a big election promise of the Biden administration. He tweeted in this regard and said, I am going to fulfill my promise made in the elections. Under this, to give some relief to the middle class, the loan of American students is being waived or cut in some way, so that they can prepare for the payment of the loan from January 2023.
However, the US President has announced to give this relief with some conditions. Joe Biden Says 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 These are the loan forgiveness terms And if you didn’t take advantage of Pell Grant, you’ll only get $10,000 off. Even then, this exemption will be available only to those whose annual income is less than $ 1,25,000.