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What You Need To Know


  • Biden intends to ask Congress to approve his plan in his first week

  • It would wipe out the debt for more than 15 million Americans

  • Another 9.2 million would see their debt reduced by more than half

  • Biden’s plan also calls for a new loan forgiveness program for public servants

The incoming Democratic president has laid out a handful of plans in a plan to reform the student-debt system. The most high profile among them is a plan to forgive $10,000 in federal student loan debt per person.

This move, which Biden intends to ask Congress to approve in his first week, would wipe out the debt for more than 15 million Americans, according to federal data. Another 9.2 million would see their debt reduced by more than half.

Often, it’s the people with the least debt who need the most help repaying it. According to The Institute for College Access and Success, people with less than $10,00 in federal student loan debt are more likely to default on their loans than those with more. That’s often because they didn’t finish college and don’t have the earning power of those who did.

Biden’s plan also calls for a new loan forgiveness program for public servants. It would offer $10,000 in federal student debt relief for every year of “national or community service,” with a $50,000 cap.


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