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.
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