U.S. President Joe Biden on Wednesday announced a comprehensive package of relief measures to ease the debt burden of students. Debt relief of $10,000 for borrowers with annual personal income of less than $125,000 and household income of less than $250,000, as well as federal aid recipients called Pell Grants will reduce its debt by $20,000.
It also announced plans to extend the moratorium on loan repayments by four months to December 31, and to limit the repayment amount of bachelor’s degree loans to no more than 5% of monthly income.
At a press conference at the White House, President Biden said he wanted to help a generation with “unsustainable debt,” saying, “We promised to relieve the debt burden of students. Today we were able to deliver on that promise.” ” he said.
Original title:Biden Unveils Plan to Free Students from ‘Unsustainable Debt’(excerpt)
(Add President Biden’s Announcement)
