By Ariama C. Long

President Joe Biden announced he’d forgive up to $20,000 for qualifying student loan borrowers for ones who earn less than $125,000 a year. It’s projected that up to 43 million borrowers could receive debt relief, and has sparked a nationwide debate about fairness and adequate compensation. 

During the presidential campaign, Biden promised to implement student debt relief. For a long time, the continued deferments of payments seemed to be as close as he’d get to keeping his promise following the COVID-19 pandemic. Many have rejoiced that the President has finally delivered, while others areirritated about not qualifying or that they have already paid off their loans. 

A post-high school education should be a ticket to the middle-class, but over the years, we have witnessed the cost of college skyrocket to exorbitant amounts preventing far too many borrowers from being able to purchase a home, start a business, or save for retirement.

ADRIANO ESPAILLAT, US REP.

The student loan forgiveness program promises up to $20,000 in forgiveness for Pell Grant recipients and up to $10,000 for other borrowers. People earning less than $125,000 a year are eligible. They are proposing a cap on monthly payments for undergraduate loans at 5% of their income. Additionally, borrowers who are employed by nonprofits, the military, or government may be eligible for relief through the Public Service Loan Forgiveness (PSLF) program for a limited time. The deferment of student loans is extended one last time through December 31, 2022 while the forgiveness program gets up and running. 

“A post-high school education should be a ticket to the middle-class, but over the years, we have witnessed the cost of college skyrocket to exorbitant amounts preventing far too many borrowers from being able to purchase a home, start a business, or save for retirement,”  said US Rep. Adriano Espaillat in a statement. 

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