Biden Announces 'Student Loan Debt Plan,' Will Forgive Some Debt for Borrowers 'Earning Less than $125K'

Nick Kangadis | August 24, 2022
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Depending on whether you owe money in student loans and where you lie on the principle of pay back what you borrow, you’re either really happy or really angry.

President Joe Biden sent out a tweet Wednesday morning announcing the details of “The Biden Administration’s Student Loan Debt Plan,” which Americans will most likely have to eventually pay off in taxes anyway.

Details of the plan are as follows, according to the graphic in tweet:

  • Forgiveness of $20,000 of debt if you went to college on Pell Grants
  • Forgiveness of $10,000 of debt if you didn’t receive Pell Grants
  • Forgiveness only applies to those earning less than $125,000
  • Student loan pause extended one final time through December 31, 2022
  • If you have undergraduate loans, you can cap repayment at 5 percent of your monthly income 

Related: Honor-less Roll? Study Shows 86% of Student Loan Borrowers Took on Debt Because of Biden’s Bailout Pledge

Many are at least somewhat pleased with the move by the Biden regime, although, they’d be happier if they could freeload all the way and get all their debt forgiven.

However, some just flat out didn’t like the announcement:




As of this writing, the press is waiting for Biden's remarks announcing the plan. For the original livestream of Biden's speech, watch below:



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