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What does President Biden’s loan forgiveness plan mean for most Americans?

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Photo by Stanley Morales

WEDNESDAY at 12 on "The Source" — Last Wednesday, President Joe Biden announced he would cancel $10,000 in debt for Americans who earned less than $125,000 a year. Those who were recipients of Pell Grants would have up to $20,000 in student debt canceled. President Biden also extended the student loan pause once more through Dec. 31, 2022.

Some experts have called for concern that this broad cancellation of student loans would do more harm than good in the long run. Specifically, they fear that it may make inflation worse.

Who is eligible for loan forgiveness? Will there be another loan forgiveness plan? How do you check to see if you qualify for loan forgiveness? Would those who didn’t finish their degrees still be eligible? Will monthly payments be adjusted for those who exceed $10,000?


"The Source" is a live call-in program airing Mondays through Thursdays from 12-1 p.m. Leave a message before the program at (210) 615-8982. During the live show, call 833-877-8255, email thesource@tpr.org or tweet @TPRSource.

*This interview will be recorded on Wednesday, August 31.

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