Editorial: Student loan aid appreciated
From The Lookout Staff
On Aug. 24, President Biden announced a three-part plan to help low- to middle-class American families from the crushing weight of student debt.
In total, over 45 million Americans have a cumulative student debt that is over $1.6 trillion. Biden’s plan is to alleviate some of this debt for those who need it most.
The President and the Department of Education is forgiving up to $20,000 to people who received a Pell Grant at some point during their education. For non-recipients, $10,000 will be forgiven.
People are eligible for this relief if their individual income is less than $125,000, or if a married couple’s combined income is less than $250,000.
To help with this repayment and provide a bit more relief, loan repayment has been extended one final time to Dec. 31, 2022.
The Lookout is extremely excited for this long-awaited announcement. This means a lot to low- and middle-income families, who may be debilitated by their current student loans.
Although this won’t totally fix how expensive college is for low-income individuals, this is definitely a stepping stone toward repairing the system.