- $10k cancellation for those making less than $125k annually
- $20k cancellation for Pell Grant recipients
- Student loan pause extended until December 31st
- 5% of monthly income cap on student loan payment (optional?)
Honestly pretty sick for me and my family. Wipes out my debt, my mom's debt, and most of my sister's. Wish we could've gotten more, since there's no good reason not to go to at least $50k, but from a selfish PoV it's hard to complain in the moment
That's interesting, I don't live i the US I assumed pausing loans was just an optional thing people could opt into if they had trouble with funds.
Has been been paused since the beginning of the Pandemic. Each time the deadline came up either Trump or Biden has delayed it. Now the Sept deadline is moved to December
Aren't most people who aren't struggling financially still making payments though?
Edit: Oh I get it due to inflation it's better to bank that money and then put it toward payments after the freeze.
Yes, and the interest is frozen too so it's basically free money as long as you don't have to pay
You can go into deferment (and only under specific conditions for a certain time) but the interest still accrues, hooray
You can for a while but not forever