Biden Announces Student Loan Forgiveness: What Does That Mean For You?
On Wednesday, the White House announced plans for a new student loan relief program that could provide up to $20,000 in student loan forgiveness.
Details are still being finalized for the program, but we know that borrowers making less than $125k/year ($250k/year for Married Filing Jointly) can expect to see anywhere from $10,000 to $20,000 in forgiveness in the future depending on their Pell Grant status. Undergraduates in this same range will be able to reduce their monthly payments in half thanks to the program.
This is big news for low- to middle-class borrowers, and could affect how you plan, budget and save in the future. Our partners at Your Money Line are keeping a close eye on developing details and are here to help with any questions you might have about how this will affect your finances.
Follow along with Your Money Line as they track the details in real time here.
Your Money Line is a free resource for all Pension Fund members that provides access to financial guides, online tools and eLearning resources to help you on the road to financial wellness. If you haven't yet taken advantage of this program, learn more at www.pensionfund.org/yourmoneyline.
Brought to you by
Your Money Line
Related Resources
How to Maximize Your Housing Allowance Benefit
If you have served in ministry for any length of time, you probably know the basics of housing allowance. It is a unique tax benefit available to qualified ministers — a portion of your income that can be excluded from taxable income if it is used for housing. But here is something that does not get talked about nearly enough: the housing allowance is not just a tax break for right now. Used thoughtfully, it can be a powerful tool for long-term financial health, especially in retirement.
2026 Member Webinar: Replay
Missed this year’s Annual Member Webinar or want to revisit the highlights? Watch the replay to hear important updates and Pension Fund news from President and CEO Rev. Dr. Todd A. Adams.
Purposeful Investing: Pension Fund’s Investment Strategy
As one might imagine, we frequently receive calls and emails asking about the specific investments that back our various products. Although account holders don’t own these underlying investments (or experience the associated risk of their price movements), the asset allocation is of interest to members when assessing the potential for annual Good Experience Credits (GECs)...