President Biden extending loan relief to 43 million student borrowers

Michael P. Norton

Boston, MA/Washington,D.C. – President Joe Biden on Wednesday outlined his plan to deliver college student loan relief to low- and middle-income residents, saying his proposal will help 43 million borrowers, including canceling the full remaining balances for roughly 20 million borrowers.

The U.S. Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education, the White House said, and up to $10,000 in debt cancellation to non-Pell Grant recipients.

Borrowers are eligible for the relief if their individual income is less than $125,000, or $250,000 for married couples, according to the White House, which also extended the pause on federal student loan repayments “one final time” through Dec. 31, 2022.

Gov. Charlie Baker shared his thoughts on Biden’s plan during his visit to Plainville on Wednesday morning, telling reporters that he does not think Biden’s approach is fair or “the right thing to do.” “What if you’re somebody who spent a whole ton of money on gear or equipment or developing certification criteria or qualifications through some other program to get a credential that you paid for? You get nothing from this. I don’t think this is the right thing to do, I don’t think this is the right way to go about it, no,” Baker said. “I don’t think it’s fair to a lot of the people who spent their own money or their family’s money or borrowed money to get a degree or credential through some other means so that they were able to improve themselves.”