By The Numbers: Millions of Americans’ Student Loan Costs Will … – The White House

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Last month, President Biden launched his Administration’s student debt relief application, enabling tens of millions of Americans to apply for relief in under 5 minutes as they recover from the pandemic. Already, close to 26 million people have provided the Department of Education the required information to be considered for debt relief – that’s close to 26 million Americans who could be on their way to getting a little more breathing room as they prepare to resume loan payments in January. By the end of the week, 16 million applications will have been approved.
The Biden Administration’s student debt relief plan will benefit working and middle-class families the most. Borrowers are eligible if their individual income is less than $125,000 per year, no borrower in the top 5% of incomes will benefit, and nearly 90% of relief for out-of-school borrowers will go to those who earn less than $75,000 per year. Borrowers with remaining undergraduate loan balances will also see their monthly payments cut in half under the Administration’s plan – providing long-term cost-savings to millions of families.
Republican officials across the country, however, have a different plan. Rather than easing the burden of loan debt for tens of millions of Americans, Republican officials have sued to prevent those hardest hit from the pandemic from getting relief. At the same time, Republicans in Congress are calling for a $3 trillion giveaway for Big Pharma, corporations, and the ultra-wealthy.
If Republican officials get their way, tens of millions of Americans’ monthly costs will rise dramatically when student loan payments resume next year. Working and middle-class Americans who could have up to $10,000 or $20,000 of their student debt relieved under the Biden Administration’s plan will remain under the burden of loan debt – preventing them from pursuing the dream of homeownership, saving up for retirement, or starting small businesses.
If Republican officials get their way:
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The White House
1600 Pennsylvania Ave NW
Washington, DC 20500

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