💰Borrowers with an income of less than $25,000 and a family income of less than $50,000 will have their loans cancelled.
🎓Pell Grant recipients will receive up to $20,000 in loan forgiveness.
⏰There is an extension for loan repayment and a cap on loan payments at 5% of income.
🎯Democrats have expressed concerns about the fairness of the plan.
🔒Republicans argue that it is unfair to those who worked hard and saved for their education.
Who qualifies for student loan forgiveness?
—Borrowers with an income of less than $25,000 and a family income of less than $50,000 qualify for loan cancellation.
How much loan forgiveness will Pell Grant recipients receive?
—Pell Grant recipients will receive up to $20,000 in loan forgiveness.
What is the cap on loan payments?
—Loan payments are capped at 5% of income.
What are the concerns raised by Democrats?
—Democrats have expressed concerns about the fairness of the plan.
Why do Republicans argue against the plan?
—Republicans argue that it is unfair to those who worked hard and saved for their education.
00:13The Federal Government has announced new measures for student loan forgiveness.
00:53Borrowers with an income of less than $25,000 and a family income of less than $50,000 will have their loans cancelled.
01:15Pell Grant recipients will receive up to $20,000 in loan forgiveness.
02:08There is an extension for loan repayment and a cap on loan payments at 5% of income.
02:30Democrats have expressed concerns about the fairness of the plan.
03:24Republicans argue that it is unfair to those who worked hard and saved for their education.
