President Biden Announces Student Loan Relief for Borrowers

From the White House Briefing Room:

President Biden announced a three-part plan to provide more breathing room to America’s working families as they continue to recover from the strains associated with the COVID-19 pandemic.

1. Provide targeted debt relief to address the financial harms of the pandemic, fulfilling the President’s campaign commitment.

2. Make the student loan system more manageable for current and future borrowers by:

• Cutting monthly payments in half for undergraduate loans and
• Fixing the broken Public Service Loan Forgiveness (PSLF) program by proposing a rule that borrowers who have worked at a nonprofit, in the military, or in federal, state, tribal, or local government, receive appropriate credit toward loan forgiveness.

3. Protect future students and taxpayers by reducing the cost of college and holding schools accountable when they hike up prices.

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