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If you’re applying for private student loans, pay attention to the interest rates

For future students and the families of those intending to go to college, here are two additional initiatives included in the American Families Plan that could help minimize debt:

Keep in mind that no student loan forgiveness legislation has been officially presented yet, and Congress needs to approve it before Biden can sign it into law

Increase Pell Grants: Biden said during his presidential campaign that he wanted to increase the maximum value of Pell Grants so that more middle-class Americans could participate. Later in April, he called for an $85 billion investment in the award as part of the American Families Plan to “help students seeking a certificate or a two- or four-year degree.” The president’s proposal adds $1,400 in additional Pell Grant assistance (the maximum award for the 2021-2022 school year is $6,495). The White House said that roughly seven million students depend on Pell Grants to help pay for college, but the value of these grants has fallen from covering nearly 80% of the cost of a four-year college degree to under 30%.

Biden’s administration has already rolled back Trump administration rules to cancel roughly $3 billion in student loans, some from fraudulent colleges, universities and career schools

Free college tuition: While on the campaign, Biden also said that he wants to “make four-year public colleges and universities tuition-free for all students whose family incomes are below $125,000.” As part of the American Families Plan, the president has already called for $109 billion to “ensure that first-time students and workers wanting to reskill can enroll in our website a community college to earn a degree or credential for free.” Under this proposal, the federal government would team up with states, territories and Tribes to provide a free college education for roughly 5.5 million students.

Read more If you’re applying for private student loans, pay attention to the interest rates

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Date de dernière modification : le   21/11/2023 @ 17:58

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