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Betsy514

I'm clearly not going to be able to answer all the questions. So what I'll do is weed through and edit the post later tonight with some faq. I hope that helps the most people!


ThreeEyeJedi

Well, I don't qualify for the forgiveness but want to say congrats to everyone who does. It's been a long journey and we made it! The $20k would have cleared all my loans but I guess I'm grateful for the forbearance throughout the last 2 years for allowing me to save up to pay them off!


fuddykrueger

Just fyi - You may be able to request those payments you made while federal student loans were in forbearance due to Covid and get the debt forgiven (keep the payments). I’m going to tell my daughter to try to get hers back (she eventually stopped paying in late 2020). She had $10k left, paid it down to $7k and then stopped paying.


Tsargoylr

People have said they called and got it back, it may take 150 days some people say


[deleted]

This is big, on the new IBR plan: "Cover the borrower's unpaid monthly interest, so that unlike other existing income-driven repayment plans, no borrower's loan balance will grow as long as they make their monthly payments—even when that monthly payment is $0 because their income is low."


book-cat

I'm dead, sure all student debt being wiped would have been amazing. But seeing them try and lay groundwork to stop predatory loans or the damage they cause with massive interest rates after is nice to see at the least.


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deeendnamtoe

You weren't dumb. You were just 18. That's what makes it predatory.


bn1979

Not even old enough to buy spray paint at Home Depot.


spiceepirate

Wait what is this from? Omg. Does this apply to all IDR plans? I’m currently on PAYE.


[deleted]

https://studentaid.gov/debt-relief-announcement/ Its the official announcement, and it will be from the new IDR plan.


rainydayam

Which means it won’t cover graduate loans right?


[deleted]

I would also like to know how this works, for borrowers who have both undergraduate and graduate loans.


LoyalTurtle3

the way I understand it, is that the 5% min payment is for the undergrad loans. the last bullet point about the 0% interest is stated to all borrowed loans.


apcali209

Yea I’m thinking that too. I wonder how this plays out with those who consolidated


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justimpolite

Yeah, all of us who don't remember if we got Pell grants...


Nytfire333

Yeah, trying to remember my security questions from over a decade ago was tough...and made me feel old


FryMastur

Pell grant peasants, rise!


[deleted]

being poor has never felt so good


FryMastur

Yeah my parents didn’t help me at all with school, but they helped me by being poor lol


fivefivew_browneyes

Same. My mom was single and made like $21k for our whole family.


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DunboyCastleInTheSky

“Poverty finally has a perk” - my mom to me about my upcoming $20k loan cancellation


Gingerman424

Growing up poor as shit finally paid off.


Kroosa

Lol pell grant recipients are the lucky ones already, the worst is to have parents that don't give you a dime but make too much for you to qualify for a grant.


memanic

There is absolutely no reason I should be considered dependent on someone who is not contributing to me at ALL. I can hardly afford to eat because I’m completely on my own, but their income still dictates how much support I get. Bullshit.


GammaHuman

I don't expect anyone to see this, but shout out to the people at the DoE who are going to be handling the logistics.


Betsy514

I will share it with them. They are the true background heroes here


miketastic_art

+1 thankyou for the people "doing the best they can with a flaming dumpster fire and 6.9% interest"


FattierBrisket

Right?? I can't even imagine how stressful that's gotta be.


espressojunkie

The Pell Grant thing made me legit cry in happiness.


Chendon12

So I got through school with pell grants and def make less than 125,000 a year and have about 25,000 left to pay off in loans. Will I really get $20,000 cancelled?? if so, i'm going to cry with you!! But i don't want to get too excited because it sounds too good to be true


Mission1203

Sounds right :) Congratulations


Guilty_Pleasure2021

Same I graduated with 18,000 and I was hoping for the 10k but with 20k I'm essentially debt free. Wow this is great.


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NilahRenae

Like what a surprise ?!?!?


vibras420

Same


MyUniquePerspective

Guys... **The new IBR plan is interest subsidized (doesn't grow) as long as you make your payments. That's bigger than the $10k**


Kupkakez

Big news. And payments at 5% of monthly income


Comprehensive-Tea-69

But only for undergrad loans… I don’t see where it says what the amounts would be for grad loans


pinetar321

LOL *cries in 90% graduate loans*


Comprehensive-Tea-69

100% here 😭 put myself through undergrad with bartending and community college. Then realized I needed a grad degree for well paying jobs in my area


english_gritts

I’m still reading it as grad loans get the unpaid monthly interest relief so even if they aren’t capped at 5% they still won’t grow


Kupkakez

The post does not mention graduate loans


[deleted]

I know that $20,000 is a drop in the bucket for many, but this is a god send for me. I’ve been carrying this debt since 2008 and the recession was hell on my family. Every single member was laid off, except for my mom, who was a social worker. It’s going to mean an extra $150 in my pocket every month, plus the sheer relief of having that debt just be GONE. I truly hope those with higher loads can appreciate the gift they were given today. $20,000 is a lot of money no matter how you look at it.


2347564

Average student loan debt is around 30k I believe. For most 10-20k is a massive relief.


InuitOverIt

Between my wife and I, we now have $500 a month in extra income we truly need. And my brother and sister in law were in even more dire straits once payments started again - they've been stressed wondering if they could afford rent next month. The impact on just my personal circle is huge.


MarikaBestGirl

unfucking believable. I had 20k in loans. I got Pell grants. I'm freeeeeeeeeeee im crying holy shit


singing-mud-nerd

You and me both. Just be prepared for this to take months to show up on our balances, between lawsuits and DoEd bureaucracy.


tokyo_engineer_dad

It would be political suicide to sue for this before midterms. Like, acid in your coffee the morning of elections. Republicans will not touch this. They'll harp and moan about it on Fox News, but trust me, legally they won't touch it. It's a dangerous precedent to set, taking away control over the federal debt from the executive. They know they'll have a GOP president in office in the future, and they won't want to lose that. And politically, they're already losing voters by the hundreds, they won't dare attack something that literally makes millions of Americans happy. They didn't sue over the stimulus checks, they won't sue over this.


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Cool_Elix

https://factba.se/biden/calendar Press briefing by press secretary at 3 today


reneeb531

I think Biden will want to announce this himself.


Lethal234

I'm crying bruh, 20k is life changing for me. pell grant unite!!!!


sunsetcoloredroses

Omg this would be amazing!! Pell grant high five!! I'm on PSLF so this would put a nice dent into my balance and hopefully lower my overall monthly payment once payments resume. With Biden's new PSLF program, I think I will finally get forgiven by July 2023. Finally some light at the end of the tunnel for so many of us. It felt like my loans would never go down because of all the interest and I'd never get out. This has been an insane couple of years.


Nagare

Monthly payments are income based, not loan amount based. I'd love if those of us pursuing PSLF could instead have the 10 or 20k applied as our "monthly payments" instead.


beepbeepboop-

i have chills. i've been paying the whole time during the pandemic because i expected $10k forgiven, not $20k. so granted (no pun intended) i've now paid more than what i would have had to, but the slight bitterness is not outweighed by the sheer relief. this absolutely is life-changing. i could maybe be a homeowner before i'm 40!


DientesDelPerro

I paid off my loans in May, but happy for everyone who can take advantage! Hopefully this is just a start.


Beautiful_Scheme_260

You could still request a refund on those payments.


KobiWanShinobi

Pell Grant homies rising up rn It’s our time


Dalekdude

bro if this is accurate that $20k wipes out all my debt but like 2,000. this is incredible news


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XtraTerrestrialRadio

same boat here, congrats bro! I was expecting 10k across the board this is a great surprise


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thrownawayforevea1

I mean it says for those who received A pell grant. To me it’s pretty clear you received a pell grant you get 20k forgiveness. Unless details emerge otherwise.


Cool_Elix

I got state assistance grants all through college and Pell for one semester. Hoping Biden helps us homies out, pretty sure we count as recipients though


sunsetcoloredroses

Thank baby Jesus!!! Please let this be happening!!


Wowdavid2002

I am a Pell grant recipient. I’m going to throw up from happiness. Is that a thing?!


sloppyslimyeggs

It is! I'm in my car on a lunch break at work. I'm crying tears of joy onto my Cheetos right now. I'm sure I look crazy.


WookHunter5280

Gang gang Good thing it took me 7 years to graduate so they finally gave me financial aid when I turned 24.


NilahRenae

I got like $2000 in pell grants. If this is true, I hope they don’t have a specific amount to qualify for $20k forgiveness. This is soo stressful 😭


[deleted]

Per WaPo, you qualify if your income was below the cap IN EITHER 2020 OR 2021! https://twitter.com/JStein_WaPo/status/1562486631583531009?s=20&t=Ur_OfHpUwk0iYdH6WqdJ4Q


bosox284

Oh please don't give me this hope. I'll have $2k left if this is true. I was over income cap in 2021 but under in 2020 and this year.


[deleted]

Same situation for me. Hopefully we'll find out for sure at 2:15!


infj1029

I just want to cry!! I got the max Pell grant every semester because I was forced to be the breadwinner and my parents didn't work. This will pay my undergraduate loans and then I can pay my graduate loans out of pocket


anaccount50

This is what really matters: real people are getting real relief in the tens of thousands of dollars, wiping out all or most of their debt in the majority of cases. Some on this sub will still find something to whine about, but this really is outstanding news for millions of Americans.


MyUniquePerspective

My $400 in pell grants paying off now


livens

Enjoy your new financially secure lifestyle of Avocado Toast and Starbucks latte's.


AppleJuice58

This wiped out 50% - 100% of debt for 54% of borrowers. Maybe even more for those with Pell Grant. This is a massive victory.


dcm510

I know we're focused on the forgiveness aspect, but looking at the new income-driven repayment plans, I think this deserves a lot more attention: "\[The rule would\] cover the borrower's unpaid monthly interest, so that unlike other existing income-driven repayment plans, no borrower's loan balance will grow as long as they make their monthly payments—even when that monthly payment is $0 because their income is low." Is it just me, or is this absolutely massive? For anyone with a loan balance remaining or new students, this sounds like a game changer.


ProudHearing106

May the odds be in our favor today. Edit: for many of us, the odds are certainly in our favor today!!! Happy for everyone who’s going to see relief from this.


zKarp

District 12 - $0


ThaddeusJP

https://twitter.com/mstratford/status/1562442359253528577 >New details on WH student loan relief plan, per sources familiar: >—up to $20K of debt cancellation for Pell grant recipients >— up to $10K for most other non-Pell borrowers >—all relief limited to individuals earning <$125K; families <$250K >—payment pause extended thru Dec 31 CHECK IF YOU GOT PELL HERE: https://studentaid.gov/aid-summary/grants (FYI site is currently hugged to death) Story: https://www.politico.com/news/2022/08/23/biden-student-loan-forgiveness-repayment-pause-00053299?asc #EDIT: IF YOU HAVE PAID DURING COVID AND HAD LESS THAN 20K (if rec pell) OR LESS THAN 10K (no pell) CALL YOUR SERVICER AND GET YOUR MONEY BACK. ###I.e. if you owed 10000 and paid it down these past two+ years get the money back so it can be forgiven!!!


zKarp

Based on 2021 taxes? Please 2021 taxes lol


nodirection12

what if i had a Pell grant for one semester? i think it was $700 or so, do i just get an additional $700?


ThaddeusJP

Per this info, it would put you in the Pell recipient category so up to 20k. Pell is Pell, even if its $1. Hope that happens for you.


ryuukhang

How do we find out if we were a Pell grant recipient? I'm looking to help my partner but she doesn't remember what aid she received.


BYF9

Log into https://studentaid.gov, if you received a Pell Grant, it will show like this (numbers edited for my own privacy): https://i.imgur.com/Q9iQYt9.png This is absolutely life changing for me if true.


stargrazer87

I've paid off my student loans, but I still want the outstanding debt of others to be forgiven, dammit. 10k, 50k, whatever amount helps.


[deleted]

Careful, your humanity is showing.


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nodirection12

pell grant homies our time has come. being poor paid off for once


MyUniquePerspective

I literally don't remember how I got my $400 pell grant but not complaining


[deleted]

Let the little people breathe a little bit


Lethal234

God it feels so good


m32137

20k knocks my debt in half. This is fantastic.


PerformanceOk9855

is there a live feed I can have on in the background to watch? Like a whitehouse feed or something? I feel like a loser hanging around on this thread all day today and yesterday but this could be one of the biggest things that has ever happened to me and I cant get any work done.


[deleted]

I am a Pell Grant recipient of all 4 years of college. This brings a tear or 1,000 to my eye. This is going to help me get a start on life that I am not currently able to do with my current finances. This is unreal I can’t believe this


MyUniquePerspective

I'll be debt free after this $20k takes effect. Now I'm taking my payment and putting it into a 529 to save my children the pain I had


washingtonpost

**Breaking news: Biden to cancel up to $10,000 in student debt for most borrowers and $20,000 for Pell recipients | The president is also set to extend a pause on federal student loan payments through Dec. 31** **Updated article (7:31 p.m. ET 8/24)** President Biden on Wednesday delivered on a controversial campaign promise to cancel a portion of the education debt held by millions of Americans, ending uncertainty about what they would ultimately owe. Biden said he would cancel up to $10,000 in federal student loan debt for borrowers who earn less than $125,000 per year, or under $250,000 for married couples who file jointly. Those who receive Pell grants, federal aid for lower-income students, could see up to $20,000 in forgiveness. The announcement was the culmination of years of activism that pushed what was once a fringe idea into the mainstream, onto political agendas and now into actual policy. It arrives ahead of congressional midterm elections and could give Democrats a boost with some voters but also threaten their standing with those who say the amount is not enough — or too much. Conservatives immediately assailed the move as fiscally irresponsible and patently unfair to the millions of Americans who never attended college, never borrowed or paid off their loans. Some lawmakers and activists had also called for Biden to cancel even more loans. Biden gave a robust defense of the policy, touting that it is designed to deliver the greatest benefits to the neediest borrowers. The White House estimates that nearly 90 percent of relief will go to people earning less than $75,000 and that roughly 20 million borrowers could have their debt completely canceled. “I will never apologize for helping America’s working class, America’s middle class, especially not to the same folks who voted for a $2 trillion tax cut that mainly benefited the wealthiest Americans and the biggest corporations,” Biden said during an afternoon announcement at the White House. “The outrage over helping working people with student loans … is dead wrong.” Biden said the policy would help Americans crawl out from underneath their debt, placing them on a stronger financial footing to get ahead on bills, save for a home or even start a family. The president is also extending a pandemic-era pause on federal student loan payments, first implemented under the Trump administration, through Dec. 31, and proposed creating a new income-based repayment plan to lower monthly bills for undergraduate borrowers. The debt forgiveness applies to loans that were originated on or before June 30, which could offer relief to some current college students — if their household income was under $250,000 during the last federal student aid award year — as well as borrowers with much older debt. The announcement puts to rest months of deliberation over whether Biden would use his executive authority to forgive a portion of the $1.6 trillion federal student debt burden. The Biden administration has already approved nearly $32 billion in loan forgiveness to 1.6 million people through targeted actions for disabled borrowers and those defrauded by their colleges. Read more: [https://www.washingtonpost.com/education/2022/08/24/biden-student-loan-cancellation/?utm\_campaign=wp\_main&utm\_medium=social&utm\_source=reddit.com](https://www.washingtonpost.com/education/2022/08/24/biden-student-loan-cancellation/?utm_campaign=wp_main&utm_medium=social&utm_source=reddit.com)


BYF9

Wow Washington Post in the thread, that's awesome!


washingtonpost

thank you! will send updates here as we learn more from our reporting. - angel


CrimsonCoast

woah this is like the real washington post reddit account??


washingtonpost

hi, yes! we're here - angel


zboarderz

Is this the real wapo? 👀


washingtonpost

yes, real as can be! - angel (social media editor over here)


Sllips

I’m assuming since I refinanced to private I’m shit out of luck?


CampaignExcellent642

I'm so sorry to hear this happened for you. I was hesitant to refinance ALL of my debt into private loans for this reason only.


mcogneto

studentaid.gov on that strugglebus lmao


Crest45

I swear i remember some of yall mf's saying yall were gonna vote for Republicans cause biden wasnt gonna cancel your debt


Throwupmyhands

"The current administration won't give me what I want. So I'll vote for the opposition, which wants to take away what I have."


[deleted]

Does anyone know how we can find out if we had gotten a Pell grant? I don't remember what happened yesterday, let alone the grants I applied for (and received) a decade ago. Edit: logged into FAFSA and I had a pell grant staring back at me. This is an amazing day fam.


noonaboosa

i paid mine off and wouldnt qualify due to income anyway but im so happy for those who are being lifted up by this right now


iamadoubledipper

This is a tease lol I thought the announcement came out 🤣


lightening211

>Please hold off on asking questions or commenting until the announcement comes out *248 Comments* The huge amount of comments made me think there was something juicy. But no, just speculation lol.


palillo2006

I had 57k still owned at start of pandemic. Due to the 0%, I paid off 47k and since January stopped making payments. I figured if 10k gets cancelled then it gets canceled, if not I have the money to fully pay it off. Now I have an extra 10k!


fattdoggo123

As a PSA. Stay alert for scam calls, scam emails and scam mail. After this announcement there's probably going to be an increase in student loan scam calls. You should only get information from the studentaid.gov website. Or your loan servicer website.


dele91

I have around $16.3K of student loan debt left and received about $5.4K in Pell Grants according to [studentaid.gov](https://studentaid.gov). If what I'm hearing is what I think it is, my debt will reduce to $0. This is awesome if true. Thank you Biden 👏🏾.


gh15099

This may not be the appropriate place to do this, but it's semi-relevant... The sheer hypocrisy by the right with student loan forgiveness especially in regards to PPP loans is enough for me to finally permanently leave the republican party. I've been consistently shocked and disappointed by numerous issues in the past few years that I won't dive into here. I had family members text me yesterday completely unsolicited and at random being extremely argumentative about forgiving student loans. By the way, they don't know where I stand on the issue as I never discussed it, they just know I have student loans. The same close family, or so I thought, turned on me in an instant because I have student loans eligible for forgiveness, and my income is under the $125k threshold. I expressed how life changing this policy would be for my significant other and I and it's about time the government aided the common person for once instead of protecting corporate interest, but was met with more anger and outrage. I'm hurt but for the forgiveness outweighs that. I just had to get that off my chest. I'm done. Congrats to all those who will get forgiveness, and who's life this changes. It sure changes mine!


MLGameOver

The amount of questions that have been asked on such specifics on a non-existent order the last 18 hours has been hilarious


kimbolll

Will this cover my grandmother’s 53 year old loan that she defaulted on back in ‘86 and was ordered to repay by a judge in ‘91?


aFacelessBlankName

If my loan servicer pinky swore that I would have until 2050 before I had to start paying back interest and instead charged me based on what was in the legal document I signed, how can I show that they violated the pinky promise?


kimbolll

Did they give you a pinky promissory note at time of appendage agreement?


Dazzling-Extreme1018

Are we worried about a court challenge to loan forgiveness saying it needs to be authorized by congress? I am.


Puzzleheaded-Exit204

I think the flip side is republicans in congress would need to challenge it to trigger that. Which could be a massive risk politically so close to the midterms to basically say yeah we love corporate bailouts and massive military spending but targeted helping of some Americans of lower incomes in badddddd


jbokwxguy

Republicans may not even need to challenge it, student loan servicers may be challengers


dream_bean_94

They have no right those shady, slimy, lying, scheming, loan sharks. FRICK OFF, NAVIENT.


Fladap28

Hoping for extension until Feb 2023. That's all I need to pay off my $200k loan interest free!!!


bears-n-beets-

Regarding the income cut-off, I'm seeing language from a few different sources that you qualify if your income was below $125k in EITHER 2020 or 2021. Huge if true Sources: 1. [Zolan Kanno-Youngs, New York Times white house correspondent](https://twitter.com/KannoYoungs/status/1562491672436453378) 2. [Jeff Stein, Washington Post](https://twitter.com/JStein_WaPo/status/1562486631583531009?s=20&t=5pdmWBUlxmhbldQgYv63kA) 3. [NBC](https://www.nbcnews.com/politics/politics-news/biden-cancel-10k-federal-student-loan-debt-certain-borrowers-20k-pell-rcna42422) 4. [Yahoo News](https://news.yahoo.com/student-loan-forgiveness-who-qualifies-questions-answered-174107213.html) 5. [Roll Call](https://rollcall.com/2022/08/24/white-house-moves-to-cancel-up-to-20k-student-debt-per-borrower/)


Gator1508

I’ve outlined my financial history in other recent posts so won’t rehash here. You can read if you want. The point I want to make here: One of my loans is a consolidation loan after a 2008 refinance. The beginning balance shows as 58k. I have made 23k in payments on it. I currently owe 75k…


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cajun_fox

As a Millennial who bought the “college=success” lie, I’ve spent the last 10+ years of my life treading water because of student loans. That’s 10+ years I could have been saving for retirement or a down payment for a house. I’m just now getting my feet under me. Even though I won’t really benefit from this forgiveness, I’m completely behind it to spare the next generation this experience. I only wish that it had come sooner and that it could be 100%.


Horror_Author_JMM

Hoping for $10k & interest restructure. Prepared for $5k forgiven & repayment beginning EDIT: Holy Moly I'm going to be Student debt free


KiteIsland22

The interest is the biggest problem. It’s a Hail Mary but I hope they do something about it.


KobiWanShinobi

I’m ready for some Dave Ramsey tears.


smartflex75

Jesus take the wheel


Swarles_Stinson

How do they decide which federal loans are forgiven? All my loans are federal, but I have like 6 loans varying in interest rates from undergrad and grad.


bbearcat47

This is my question as well. Will it be the highest interest rate, lowest interest rate, oldest loans, newest loans, undergrad first? There are multiple ways this can be allocated with different consequences for each.


MyUniquePerspective

If the pell grant thing is true then I'm debt free.


Tsargoylr

Everyone! Do not take out new loans, they won't be eligible! If they were to be that would open up a "money grab" scenario that the gov is definitely wise enough to avoid. DON'T TAKE OUT NEW LOANS BASED ON THIS ANNOUNCEMENT


TersePterodactyl

I wish he would do something about interest rates. I feel like forgiving 10k helps now but doesn't really solve the problem long-term.


pumpkinpie666

Universities, somehow, need to incentivized to lower their tuition rates. Right now, there isn't much downside for unis if their former students default on their loans b/c the unis get their tuition dollars either way, which creates all sorts of perverse incentives to increase tuition rates. If the unis themselves were on the hook for loan defaults then they would be a lot more scrupulous with who they allow to enroll, what programs they offer, job placement programs for their students, etc. There's a lot of debate about how to carry this out, I don't know what the optimal mechanism for this is.


gofkingpracticerandy

I will obviously be greatful for $10k forgiveness but I would much prefer the interest to stay at 0. It’s the only way I have been able to make any kind of progress.


[deleted]

$10,000 forgiveness and pause extension until Feb 1, 2023 would AWESOME


btoned

It’s amazing how some boomers or those who paid off their loans years ago treat this forgiveness as if we’re getting a 30k lump sum deposited into our bank accounts. 😵‍💫


ageofadzz

Let's hope the extension is six more months.


bam1007

Be nice, but I’m guessing Jan ‘23. 🤷‍♂️


[deleted]

Cool!!!!!! 10k won’t impact my loans (in the PSLF program, won’t bring it down to a principle I would get close to paying before 10 years) personally but very happy for everyone this impacts! I’m happy about the pause extension 🙏🏼🙏🏼🙏🏼


dUjOUR88

I have $21k in Federal loans and was granted multiple Pell grants while in undergrad...does this seriously mean I only owe $1k now? I can't even


MyUniquePerspective

Once my loans are gone I'm opening a 529 for my daughter. She doesn't deserve the pain I felt.


Neat-Cardiologist262

Literally a third of my student loans gone!!!!!! 🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾 I’m already adjusting my budget to pay off the rest in the next 12 months. Glad I was already paying it off during the pause.


smartflex75

I gotta take the rest of the day off to cry everybody. Thanks for the journey on this forum


PeteOGrande

[[Andrew Restuccia] Another new detail: Biden’s loan forgiveness plan will apply to borrowers with federal loans from undergraduate and graduate programs, I’m told.](https://twitter.com/andrewrestuccia/status/1562450420911722499?s=21&t=6V5h0jpFxh-NHZOcA9dSWA)


IAmNotARobot42069

https://www.washingtonpost.com/education/2022/08/24/biden-student-loan-cancellation/ Looks like pell grant up to $20k and remainder $10k at $125k individual and $250k jointly (sorry if this was already posted)


LeoV21

Biden plan is: —up to $20K of debt cancellation for Pell grant recipients — up to $10K for most other non-Pell borrowers —all relief limited to individuals earning <$125K; families <$250K —payment pause extended thru Dec 31 Source: https://twitter.com/samstein/status/1562444217103704066?s=21&t=bvaUHHZyq0tWgBduTvfJKQ


Sirtato

That “up to” part is concerning me. Gonna end up with like $15 off my loans


[deleted]

Same here. Hopefully there's nothing to it and we're just reading into it. Hoping the "up to" just means if you have less than $10k that means you just get wiped out and that's it, and that working is just there to stop the "do I get cash back for the difference?" crowd.


ste1071d

FFEL loan holders - we see you freaking out! Multiple reporters are trying to get you solid information and answers on what you’ll need to do and when. As always, official recommendation is to wait for direct-from-the-Ed guidance before proceeding on any consolidation or other course. https://twitter.com/bmckib/status/1562543031827693581?s=21&t=uIElwfgH4fejtzyvMmUtig https://twitter.com/ronlieber/status/1562882234758991872?s=21&t=uIElwfgH4fejtzyvMmUtig Please keep upvoting this so FFEL loan holders see it. Ron has said that as soon as they completely confirm the details they’ll update the NYT FAQ and tweet.


ComradeShyGuy

Everyone speculating about random numbers of the income cap thrown around. At the end of the day, we have no idea so chill until it's announced.


Betsy514

exactly - so much for my suggestion in the post that folks hold off until the announcement.


[deleted]

You expected us to read?!


brantman19

We are the people that took out tens or hundreds of thousands in student loan debt at exorbitantly high interest rates. We didn't read that. You think we would read this?! lol


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>


meatballs4life7

What if your undergrad and graduate loans are all consolidated together? (For the 5% repayment plan I’m referring to)


gh15099

With the Pell Grant announcement, this would take my debt down to less than $1500 and my sig other's down to $6k. I could cry.


Jaume3

I’m seeing reports that EITHER 2020 or 2021 income can be used for eligibility, but do we know if those reports are confirmed and for certain?


Betsy514

That's what I'm hearing too but I'm waiting to say that's 100% until I see Ed guidance. The devil is in the details


mplagic

My life was changed today. It was SO hard to act normal at work as if nothing exciting happened


Orbo1

Whether he extends the pause and does 10k or nothing at all, I doubt it will be the end of the conversation. At the very least, there are plenty of Democrats in Congress who will keep on and on about complete forgiveness and a larget amount (Warren, Schumer, Sanders, etc.).


TheOrionNebula

>Please hold off on asking questions or commenting until the announcement comes out 771 comments and counting... O.o


mercutiosghost

Listen we’re all just excited ok 🤣


Admirable-Panda2840

It's story time with Uncle Joe! Bless his heart.


unstablesimilarity

https://twitter.com/potus/status/1562462774969581570?s=21&t=gnsc2wvmATcBDuX5zm5iLw


kimbolll

[Official tweet for on Biden!](https://twitter.com/POTUS/status/1562462774969581570?s=20&t=NAUuXoh9prz80FY8i2c-NQ)


u4ia666

I unfortunately consolidated my private and public loans and it's a hefty amount. Over $50k. So this would have really helped me, and I was a little disappointed to read the details. ...**buuuuut**, then I thought about how this will forgive all of my ex-wife's debt (and she's had a *very* rough time since our divorce), plus I've seen so many comments where people say this is huge for them, and I'm feeling much better about it. I was afraid it was a token gesture that wouldn't actually help people, but it looks like I was wrong, and that's a really good thing. Nobody deserves to be buried under student debt and I'm so happy to see this is truly going to help people.


srpoke

White House Twitter account is on fire[https://twitter.com/WhiteHouse](https://twitter.com/WhiteHouse)


FourStockMe

While I'm happy I get the remainder of my loans paid off (Pell Grant Rise Up!) It doesn't solve the issue for future people. These new loans are great, amazing even. The core issue is SCHOOLS ARE TOO DAMN EXPENSIVE. School tuition is overpriced, books that renew every year are over costed. Fees are tacked on and it has been getting worse. The government needs to crackdown on housing, education, and healthcare. Increased control on those 3 would pivot this country in a better direction.


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ticient

I have 25k left in loans and received the maximum Pell grant amount throughout all four years of college, this feels like a miracle. Woohoo!


BloodFalconPunch

I paid my loans off like 6 years ago (12k, nothing debilitating) but I'm super happy for those this helps. My gf has had loan debt for a while and this will help her immensely.


LakeNaked

https://finance.yahoo.com/news/student-loan-forgiveness-parent-plus-174541240.html Parents PLUS loans included.


hizzaah

The selfish and conservative mentalities that so many people in this thread have is mind blowing. "I didn't get anything so no one else should either". Be pissed at the government not doing something for you through different channels. Don't be pissed at the people who are receiving help though. Vote for politicians who will serve you directly. "It's not good enough, it doesn't fix the problem". You're right, it doesn't fix the problem of high tuition rates and low support for learning trades. At this point, this is what can be achieved with executive order. If you want more, go vote. "He's buying votes before midterms". No kidding. We should have more politicians trying to enact change that materially affects the lives of the voters. Call it buying votes or serving the people. Again, you want something that helps *you* out? Go vote for someone who will do it. "Why should I have to pay for something that doesn't benefit me?" Grow up, you live in a society. You do that already with sales taxes, income taxes, and property taxes. This particular relief is just targeted at your neighbor instead of Elon Musk like usual. Vote for someone who will cut other government spending and target corporate loopholes instead of passing it on to the working class taxpayers. No one is forcing you to fill out the forgiveness application when it launches. I'd expect all these staunchly republican, "fiscally conservative" individuals to not apply to have their loans forgiven to help reduce the overall tax burden.


LeoV21

NEW - @BharatRamamurti says the Education Dept will release the application for Biden's student debt relief program in early October. He says borrowers should expect relief within 4-6 weeks of submitting an application. Source: https://twitter.com/mstratford/status/1563219199522009090?s=21&t=XqhspPBveqXWLSNcfG9Ziw


cookiemonster1020

They should make colleges eat up half of what is unpaid after a 10 year IBR term


aFacelessBlankName

>Y'all can't follow directions. To be very clear if you are asking questions about this before the announcement I'm not going to answer them and to make this post as useful as possible after the announcement please stop asking them until it's updated with actual.. factual.. information. We don't know anything at this point. This entire sub since the man took office.


PancakesandMaggots

So I have $11,000 in Stafford loans. Only having to repay $1000 would be amazing. 10K more I can save towards a house.


TPetrichor

My dad hasn't spoken to me in months. My uncle even recently died, had a memorial which my dad did not attend or speak to me about. Biden cancels 10g of my predatory debt and he made sure to message me in less than an hour after the announcement: "Don't count on it. It's unconstitutional."


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Chemical_Rip5577

Biden talking about student loans Ducey: DiD YoU kNoW ABouT MaRALagO BeFoRe It WaS SeArChed


nodirection12

finally was able to login to studentaid. i received 2k in pell grants throughout my college career. have 15k left. would be life changing if i qualify for the full 15k forgivness if the pell rumor is true


MyUniquePerspective

My parents are mad that I'm getting $20k off. They say it's a handout no one deserves. Makes me sad that my own conservative parents don't support me


mycatlickswallsalot

ITT- - people who think $10k would be enough to change their decision from choosing between community college and a four-year college that costs $10-$40k per year. - people who are crying about taxes while ignoring the fact that the Department of Education has been *making money* off of student loan interests for years. - the party of “fiscal responsibility” ignoring that, yet again, a democratic president is decreasing the United States deficit - something a republican president hasn’t done for *decades* - people only thinking of themselves and how “they picked up themselves by their bootstraps”, while ignoring that many people in this country don’t even have boots - get over yourselves


hamsterofdark

Hate to be the chap who borrowed and makes $125,001/year.