By any fair measure, an enormous number of Americans will benefit from President Biden's new policy on student loan debt. (via MaddowBlog)
at the People’s Policy Project, canceling $10,000 zeros out the balances of about 31 percent of student loan borrowers, while cutting the balances of a further 21 percent by at least half. Add to that the doubled relief for Pell grant recipients, and the White House estimates that 20 million out of 43 million borrowers will have their full balance extinguished.”
What’s more, the same policy goes further, extending the existing payment pause on federal student loans through the end of the year, and even more importantly, capping undergraduate loan payments at 5% of a borrower’s income. According to the White House, the benefit of the latter, will, among other things, “allow nearly all community college borrowers to be debt-free within 10 years.”
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