A college student’s worst concern when it comes to school is finance.
Questions arise and where will you get the money, how much is the interest, who can I borrow from is on your mind more than your actual school load.
As of August 24th, some of those worries will no longer be of your concern.
President Biden announced that he will not only give another grace period of payment freeze for student debt until December 31st (for the final time, which was set to expire August 31st), but Biden will also be canceling $10,000 dollars of debt for millions from student loan borrowers.
According to NBC news “Borrowers who earn less than $125,000 a year, or $250,000 for couples who file taxes jointly, will be eligible for debt cancellation. Pell Grant recipients, who make up the majority of student loan borrowers, will be eligible for an additional $10,000 in debt relief, for a total of $20,000 (Egan, Welker, Vitali, 2022).
Students have been wondering if this includes loans from undergraduate school, graduate school and parent plus loans (which has raked in over $107 billion from just 3.5 million families.)
No information has been released on how to apply, but the suggestion of consistently checking the federal student aid will has been advised.
As stated, debt is really a student’s worst nightmare. Debt can ruin credit (one of the most essential things in life). Debt can cause an unsustainable lifestyle. Debt causes horrible pressure and stress.
Look out for more information on the federal student aid website and be sure to take advantage of this wonderful opportunity.
