Education Secretary Miguel Cardona sat down with NPR to talk about President Biden's student loan relief plan and what borrowers should expect in the coming weeks.
U.S. Secretary of Education Miguel Cardona spoke to NPR during the Pittsburgh stop of his back-to-school bus tour.U.S. Secretary of Education Miguel Cardona spoke to NPR during the Pittsburgh stop of his back-to-school bus tour.President Biden's student loan relief plan could fully erase the debts of an estimated 20 million borrowers. Emphasis on"could," because, with the exception of some 8 million borrowers who already have income information on file with the U.S.
Millions of borrowers are anxiously awaiting that mysterious application, expected in October. The wait has and confusion from our readers and listeners, and this week, NPR had a chance to put some of those questions to U.S. Secretary of Education Miguel Cardona, during the Pittsburgh stop of his back-to-school bus tour.highlights of Biden's plan
: Borrowers who earn less than $125,000 a year, or couples earning less than $250,000, can qualify to have up to $10,000 in federal student loans canceled. Borrowers who received a Pell Grant to attend college, because they were lower income at the time of attendance, qualify for up to $20,000 in debt relief. And, even if they qualify, most borrowers will have to fill out an application to prove it.The application is coming in early October.
While I'm not going to share timelines right now, I will tell you, [by] January 1 when [loan repayment resumes], we have to have all that set up. So we know that, between October and before the loans restart, not only is the information going to be needed by all borrowers, but we're going to have to be done with that process.
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