MIDDLETON – State Representative Dianne Hesselbein (D-Middleton) applauded the announcement from the Biden-Harris Administration of a three-part plan to provide student debt relief to working and middle-class Americans.
“This is a game changer for Wisconsinites,” said Hesselbein who served on the Governor’s Task Force on Student Debt and is the Ranking Democrat on the Assembly Committee on Colleges and Universities. “With everything that is going on in the world today and with pandemic-related support ending, student loan borrowers are struggling to become financially successful members of our economy. Without the crippling burden of student loan debt, Wisconsinites and people all across the United States will be able to move forward with their lives.”
This plan would forgive up to $20,000 of debt if you went to college on Pell Grants and $10,000 if you did not receive Pell Grants. Loan forgiveness only applies to those earning less than $125,000. Additionally, the plan extends the current pause on student loan repayment through December 31, 2022. Finally, the plan creates a repayment cap on undergraduate loans of 5% of your monthly income.
“I want to thank President Biden for providing this meaningful relief to hardworking people and their families,” said Hesselbein. “Nearly 8 million borrowers may be eligible to receive relief automatically, and I encourage everyone to visit their website to see if they are eligible under this new program.”
For more information and to find out if you are eligible, please visit: https://studentaid.gov/debt-relief-announcement/
