US President Joe Biden: President Joe Biden has announced a big relief to the university graduates who are graduating from the burden of debt in America. Biden said on Wednesday that he is waiving up to $10,000 in student loan debt for Americans earning $1,25,000 or less annually. Also, allborrowers are being exempted from the payment of the loan till December 31.
Loan cut was a big election issue
Cutting student loans was a major election promise of the Biden administration. He tweeted in this regard and said, I am going to fulfill my promise made in the elections. Under this, to give some relief to the middle class, the loan of American students is being waived or cut in some way, so that they can prepare for the payment of the loan from January 2023.
However, the US President has announced to give this relief with some conditions.
These are the conditions of loan waiver
President Biden said on Twitter,”If you went to college on Pell Grants, you’d get $20,000 off and if you didn’t take advantage of Pell Grants, you’d only get $10,000 off.” Even then, this exemption will be available only to those whose annual income is less than $ 1,25,000.
Exemption from repayment of loan till 31st December
At the same time, the Biden administration has given exemption from loan payment till December 2022, due to which no loan will have to be given till December 31, 2022. Even after this, if you deposit a loan, then that loan you will have to deposit only 5 percent of your income. Thus, if your income is Rs 100 per month then you will need to deposit only Rs 5 loan installment.
In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023.
I’ll have more details this afternoon. pic.twitter.com/kuZNqoMe4I
— President Biden (@POTUS) August 24, 2022