On Wednesday at about 1 p.m., President Joe Biden provided an update on the administration’s efforts to cancel student debt and support students and borrowers.
For the first time in three years, students are now required to make payments toward student loan debt.
In August 2022, Biden proposed that those earning less than $125,000 or families earning less than $250,000 could have up to $10,000 in federal student loan debt canceled and Pell Grant recipients could have up to $20,000 erased. This was all a part of his student loan forgiveness plan.
However, this year back in June, the Supreme Court thwarted that proposition, claiming that the Biden administration had overstepped its authority in trying to cancel or reduce student loan debt.
For a full breakdown of options borrowers have as student loan payments resume, click here.
If you missed it, you can watch the full event here.