US Student Loan / US President Biden announces will waive student loans for students of this income group

US President Joe Biden has made a big announcement giving relief to American students. Loans will be waived for US students whose annual income is less than $1,25,000. Reducing student loans was a big election promise of the Biden administration.He tweeted in this regard and said that I am going to fulfill the promise I had made in the elections. We are going to waive or cut some American student loans in January2023

US Student Loan: US President Joe Biden has made a big announcement giving relief to American students. Loans will be waived for US students whose annual income is less than $1,25,000. Reducing student loans was a big election promise of the Biden administration.

He tweeted in this regard and said that I am going to fulfill the promise I had made in the elections. We are going to waive or cut some American student loans in January 2023 to give some relief to the middle class.

What is Biden's debt forgiveness campaign?

US President Joe Biden has announced student loan forgiveness. But he has made this announcement with some conditions. These conditions are as follows...

If you went to college on a Pell Grant, you'd get a $20,000 rebate, and a $10,000 discount if you didn't take advantage of a Pell Grant. Even on that, this exemption will be available only to those people whose annual income is less than $ 125,000.

At the same time, the Biden administration has reduced the loan payment till December 2022. No loan will have to be given till 31st December 2022. Even after this, if you deposit a loan, then you will have to deposit only 5 percent of your income for that loan. For example, if your income is Rs 100 per month, then you will only need to deposit the loan installment of Rs 5 only.