Biden’s Big Changes With Student Loan


Gabby Smith

This past month, President Joe Biden and his administration announced the Student Loan Relief Program. During President Biden’s campaign, he promised the people that he would help with the student loan debts now. Biden and his administration are preparing to help relieve the people in need. The college has grown more expensive over the years, in 200o through 2001, college cost $14,000 for a four-year public university and that was only the tuition. Now in 2022, college is costing over $22,000.

Over forty-five billion people make the federal student loan debt over one trillion dollars, but over one-third of these borrowers are left with no degree because they cannot afford a four-year college education. Biden is starting the student relief program to help American families in need. I spoke to my mother, “ this is a good program, but what about the people who didn’t get this with their student debt?” I spoke with a couple of other adults and they all said the same thing as my mother. Biden’s administration has not spoken out on that subject. Biden’s program is a three-part plan that students and people with student loans should take advantage of. I talked to a student in college and she said, “ I would do it but how will I get accepted,” Well here is your answer. The application will not be coming out till early October. If your income is $125,000 or over, you will not be accepted.

Here is a whole rundown of how the program will work. Once you apply and get accepted, it will take at least four to six weeks for the forgiveness to get started. The first loans they will forgive are any loans you defaulted on, then they will target your highest interest rate loans, then end off unsubsidized loans. Biden will forgive up to $10,000 and $20,000 for the people with Pell grants. Though $10,000 will not pay off all of your student loans, debt your monthly payments will decrease by one-third. I went around asking people what the relief would help with and one said it would help give them some relief on the payments so she can buy her own car and move into her own home. Overall, I do believe that this program will help a lot of people in need. Biden and his administration are excited to help give relief to the American families in need.