As of today, federal student loan borrowers with private loans will now no longer be able to qualify for consolidation or any other relief provided by President Biden’s student loan forgiveness program, per a stunning decision by the U.S. Department of Education.
In August, he discussed his plans to address the country’s massive student loan debt. This included forgiving $10,000 for borrowers earning less than $125,000 per year and extending the payment moratorium until the end of the year. The plan also stipulated that low-income college attendees who qualified for Pell Grants will receive up to $20,000 in student loan forgiveness.
“In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,” President Biden Tweeted just ahead of his public address in August.
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