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Biden's plan will forgive federal student loan balances by $10k for singles who make under $125k or $250 for marrieds, and an additional $10k for Pell grants.
Payment suspension is also extended at least to Jan
2023.
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Huzzah. The Pell Grants part is a nice touch. They called it The Basic Grant when I got it before renaming it.
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I have a couple kids who will be grateful for this. They are just a few years out of college, working hard, in their degree field, but making well under 125k. $10k is a big help when you are 25.
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this has the possibility of becoming a real fustercluck, which may be part of the reason it took some time to announce such a program. if the IDR payments system is not reformed, it will mean little to future college bound students.
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Yet again rewarding those who didn’t work their way through life doing what they could afford. How about those who ate ramen for 10 years, lived in a shared apartment, and only bought what they could afford who paid their $50k in loans off on time?
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We really need college education funding reformed, because forgiving $10K now does nothing to address the cost for new students. But that takes Congress.
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mrbigstuff wrote:
this has the possibility of becoming a real fustercluck, which may be part of the reason it took some time to announce such a program. if the IDR payments system is not reformed, it will mean little to future college bound students.
Already stated