What President Biden’s Student Debt Announcement Means for You

Biden's student debt cancellation.

On Aug. 24, President Joe Biden announced a monumental package of student loan debt relief. The Biden Administration’s plan includes $20,000 in canceled student debt for Pell Grant recipients, and $10,000 cancellation for other federal student loan holders. 

The new loan forgiveness rules apply to those making under $125,000 per year and mainly target relief to people earning less than $75,000 per year. 

“Today, millions of Americans can breathe easier knowing that some of the crushing burden of student loan debt has been lifted,” said AFT President Randi Weingarten in a statement. “Make no mistake—this is a transformative action that will change countless lives.”

Get Help Next Week at Texas AFT’s Free Student Debt Clinic

You can get the lowdown on these changes and how they apply to you at an upcoming Student Debt Clinic hosted by Texas AFT’s Bridges Institute for Professional Development. Our upcoming clinics are on Zoom and scheduled for: 

Register online to get the Zoom link for each session. Even if you’ve still got a student debt balance after President Biden’s announcement, these clinics can help you access income-driven repayment plans and the Public Service Loan Forgiveness program. 

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