Recently, President Biden announced a 3 part plan addressing student loan debt:
- For those taxpayers earning less than $125,000 a year ($250,000 for married couples):
- $20,000 in student loan debt forgiveness in the taxpayer went to college on a Pell Grant
- $10,000 without a Pell Grant.
- Extension of the pause on student loan repayments (for the final time) until 12/31/22.
- A modification to the income-based repayment plan rules.
For further information on the new student loan debt plan, click here.