“College Graduates get Debt Forgiveness”

Dana Malcolm

Staff Writer

#USA, August 28, 2022 – Millions of US college graduates will benefit from up 20 thousand dollars in student loan debt relief thanks to a new order from President Joe Biden.

Based on the massive spike in the cost of college degrees and little to no federal funding, graduates have acquired massive amounts of debt.

In order to help with this, monthly payments will be cut in half for undergraduate loans, and graduates who have worked at a non-profit in the military, or the tribal or local government will also receive other forms of debt forgiveness.

The White House is also looking to reduce the cost of college overall, so that the cycle of college debt breaks.  Biden wants to make community college free and has already increased grant funding to lower tuition at universities.

In much needed immediate funding, graduates with an income of less than $125,000, will be able to access $10,000 in debt relief and Pell Grant recipients will be able to access $20,000 in debt relief.  Pell Grants are given to the students with the most need in the US.

Biden was quick to point out that no high-income individuals would benefit from the program. More than 27 million people are expected to qualify for the $20,000 assistance alone.

The funding is desperately needed, many US residents cannot finish college because of the cost and end up with debt for the years they did study, but no degree to help them pay it off, and race plays a big part.

The White House says that “twenty years after first enrolling in school, the typical Black borrower who started college in the 1995-96 school year still owed 95% of their original student debt.”

Students will have to apply for the funding, and it’s expected to cost the government upwards of $300 billion.