By the numbers: Student loan costs for millions of Americans will rise dramatically under Republican officials’ plans.White House

Last month, President Biden launched the administration’s student debt relief application, allowing tens of millions of Americans recovering from the pandemic to apply for relief within five minutes. provides the information you need to consider debt relief. That means nearly 26 million Americans may be on the road to taking a little more breather as they prepare to start paying off their loans again in 2018. January. By the end of the week, 16 million applications are expected to be approved.

The Biden administration’s student debt relief plan will benefit working and middle-class families the most. Borrowers are eligible if their personal income is less than $125,000 a year, the top 5% of borrowers by income do not benefit, and nearly 90% of the relief for out-of-school borrowers has an annual income of $75,000 Applies to people under Borrowers with outstanding undergraduate loans will have their monthly payments cut in half under the administration’s plan, bringing long-term cost savings to millions of families.

But Republican officials across the country have other plans. Rather than ease the burden of loan debt for tens of millions of Americans, Republican officials have filed lawsuits to prevent those hardest hit by the pandemic from receiving relief. Republicans in Congress are calling on big pharma, corporations and the ultra-rich to donate $3 trillion.

If Republican officials get their way, monthly expenses for tens of millions of Americans will rise dramatically when student loan payments resume next year. Working and middle-class Americans who may be forgiven of up to $10,000 or $20,000 in student loans under the Biden administration’s plan will remain burdened with loan debt, pursue their homeownership dreams, or , you won’t be able to save for retirement or start small. business.

If Republican officials got their way:

  • nearly 26 million Americans Those who have already provided information to the Ministry of Education will lose Debt relief of up to $10,000 or $20,000.
  • 16 million people Applicants whose applications are expected to be approved by the Department of Education by the end of this week will not receive relief.
  • Over 40 million borrowers In total, more than 60% of those currently eligible for debt relief under the government plan are Pell grant recipients who are eligible for relief of up to $20,000. You will be robbed of your chance to receive relief.
  • About 20 million borrowers qualified person zero out their debt No debts will be canceled as a result of the Biden administration’s student debt relief plan.
  • More than 70% of black undergraduate borrowers who are Pell Grant recipients Student debt up to $20,000 cannot be forgiven.
  • Nearly Half of Latino Borrowers will see them All student debt balances have been canceled Under the plan of the Biden administration. But if Republican officials get their way, these borrowers will continue to have student loan debt.
  • Non-graduated but qualified borrowers, such as welders and dental assistants Under the Biden administration’s plan, About 40% of relief dollars – You will be prevented from receiving debt forgiveness.

###

Leave a Comment