Aug 24, 2022
Washington, D.C. – Today President Biden announced a three-part plan to provide student loan debt relief for borrowers who need it most. This plan includes cancellation of student loan debt for individuals earning up to $125,000 annually, an extension of the federal student loan payment pause and moratorium on interest through December 31, 2022, as well as proposal of a new income-based repayment plan that will reduce future monthly payments for lower- and middle-income borrowers. Individuals who had PELL grants can have up to $20,000 canceled and other student loan borrowers can have up to $10,000 canceled. This historic student loan debt cancellation will assist thousands of social workers and their families, also alleviating the economic strain associated with the burden of student loans, for many more borrowers.