Who Qualifies For Biden's Student Loan Forgiveness Plan?

The video discusses President Biden's student loan forgiveness plan, which aims to relieve millions of Americans from student debt. Key elements include $10,000 debt forgiveness for individuals earning up to $125,000, with increased forgiveness for Pell Grant recipients. Changes to the public service loan forgiveness program and income-driven repayment plans are also proposed. The pause on student loan payments is extended until January 2023. The plan has sparked mixed reactions, with some advocating for more debt cancellation and others criticizing its potential economic impact.

Who is eligible for the maximum debt cancellation under the loan forgiveness program?

• Anyone with a student loan

• People earning over $250,000

• Borrowers who received a Pell Grant

• Only married couples

What is the deadline for eligible borrowers to apply for the expanded public service loan forgiveness?

• November 30th of this year

• January 1st of next year

• October 31st of this year

• December 31st of this year

What percentage of income will the new income-driven repayment plan cap monthly payments at?

• 5%

• 10%

• 15%

• 20%

Until when has the pause on student loan payments been extended?

• March 2023

• January 2023

• December 2022

• February 2023

What is one criticism mentioned regarding the student loan forgiveness announcement?

• It will decrease inflation

• It is unfair to those who already paid off their loans

• It will reduce the country's debt

• It benefits only business owners