Breaking News: Student Loan Forgiveness is Here
Today, the Biden-Harris Administration announced a plan for student debt relief. This 3-part plan includes loan forgiveness of up to $20,000.
What we know so far:
- Forgiveness is capped and will be awarded to borrowers making less than $125,000 a year
- The administrative forbearance is extended to December 31, 2022
- Pell grant recipients will receive $20,000 in forgiveness
- $10,000 in forgiveness will be awarded to all other federal loan borrowers
- Undergraduate borrowers will be able to reduce their monthly payment to 5% of their income (previously 10% for most borrowers)
Due to this breaking news, your employees may need help and have questions. At Your Money Line, our Financial Guides are here to help your employees understand if they qualify and guide them through the application process with one-on-one personalized guidance and coaching.
Watch the video below for a further explanation of the plan from our Director of Education, Kristen Ahlenius.