White House fires back at critics who had federal loans forgiven too
By Miriam Raftery
August 27. 2022 (Washington D.C.) – If you have a federal student loan and earn less than $125,000 a year, you are eligible to have $10,000 forgiven – or $20,000 if you were a recipient of a Pell Grant awarded to help low-income students attend college.
President Joe Biden announced the plan this week, also extended a pause on student loan repayments until December 31. In addition, Biden’s plan caps future repayments at 5% of your monthly income, down from the current 10% threshold.
An application for the partial student loan forgiveness will be posted later this year; borrowers can sign up at https://www.ed.gov/subscriptions to receive updates on the federal student loans.