this seems extremely substantial, beyond what i expected of biden. a lot of people are pell grant recipients so a ton of people will be getting $20k here instead of $10k. the 5% monthly cap appears to be a halving of the current federal payment cap, which is 10%, so that’s also substantial. they doubled household income for joint filers, so this applies to couples with an income below $250k; also, none of this is taxable.
estimates are in now that this wipes out 20 million people’s debt, and impacts another 27 million people, which is crazy. that’s a ton of people who will be out from underneath this
this seems extremely substantial, beyond what i expected of biden. a lot of people are pell grant recipients so a ton of people will be getting $20k here instead of $10k. the 5% monthly cap appears to be a halving of the current federal payment cap, which is 10%, so that’s also substantial. they doubled household income for joint filers, so this applies to couples with an income below $250k; also, none of this is taxable.
I wish I could have had this! It took me 21 years to pay off my student debt and it was a HUGE burden.
estimates are in now that this wipes out 20 million people’s debt, and impacts another 27 million people, which is crazy. that’s a ton of people who will be out from underneath this
That should bolster the economy as well, right?
almost certainly yeah. this frees a lot of money that otherwise goes to monthly payments to go toward literally anything else.