How Would $10,000 Of Student Loan Relief Impact Your Life?

With the ongoing freeze on federal student loan payments set to expire on Aug. 31, the Biden administration is expected to announce in the coming days whether it will again extend the debt moratorium or provide some other kind of relief for borrowers.

CNN reported on Monday that President Joe Biden is leaning toward canceling up to $10,000 per borrower — but only for individuals who earn less than $125,000 per year. The reported plan is in line with what Biden promised during his campaign, but it would fall far short of pleas from Democrats who have called for him to forgive $50,000 per borrower. (According to a study by NerdWallet, the average household with student debt owes about $59,000.)

If you’re among the more than 40 million people saddled with federal student loan debt, we want to hear from you about the potential impact of the administration’s decision on your life. Would $10,000 in debt relief make a difference? If there was an income cap, would that impact you?

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