President Biden announces student loan forgiveness plan

Fulfilling his campaign promise, President Biden announced a new three-part student loan relief plan. 

The plan includes an extension of the loan repayment freeze until December 31. Borrowers will receive forgiveness on their loans of up to $10,000. Recipients of Pell Grants will receive an additional $10,000. To qualify, borrowers must earn less than $125,000.

The new plan was criticized by some who think it is a step backward for our record-high inflation.

“We’re probably going to do more to increase inflation from debt cancellation, than any inflation reduction from the Inflation Reduction Act,” says Senior Vice President & Senior Policy Director of Committee for a Responsible Federal Budget Marc Goldwein.

The White House estimates this plan will leave about 20 million loan borrowers with a clean slate.

Kenya Cardonne is a senior at Florida International University majoring in Digital Communications + Multimedia Production with a Minor in Art. She enjoys producing all forms of art including film and photography while aspiring to grow in the T.V. industry.