
<p class="wp-block-paragraph">Today, President Biden announced his <a href="https://studentaid.gov/debt-relief-announcement/" data-type="URL" data-id="https://studentaid.gov/debt-relief-announcement/">Student Loan Forgiveness Plan</a>. Under this plan, the administration will forgive $10,000 for individuals making less than $125,000 and married couples earning less than $325,000. Additionally, students that received Pell Grants are eligible to receive an additional $10,000 student loan forgiveness and have extended loan repayments until December 31st, 2022.</p>



<p class="wp-block-paragraph">This proposed administrative change will add $300,000,000 to the national debt. However, it will relieve half of the population who owe federal student loans. Over the next couple of weeks, the administration will provide information on how people can apply for this program.</p>



<p class="wp-block-paragraph"><strong>What this means to me</strong></p>



<p class="wp-block-paragraph">The $10,000- $20,000 student loan forgiveness will provide me with some financial relief. It will remove the interest compounded on my original principal and return it to its initial disbursements. Ultimately, the personal benefit I gain from this new administrative change is having my interest removed.</p>



<p class="wp-block-paragraph"><strong>Is it enough?</strong> As of right now, it is. One of my biggest issues with my student loans was that lenders and financial aid offices were dispersing loans to me without providing adequate education on what it would mean to me in the future or providing information on the impact of the interest rate on the principal. ; ;I want to pay what I borrowed, but I could never make any headway because of the accumulated interest. This will give me the chance to get back on track and make some progress. </p>



<figure class="wp-block-pullquote"><blockquote><p> &#8220;<strong>I will gratefully take what&#8217;s been given and thank God for His provision</strong>.&#8221;</p></blockquote></figure>



<p class="wp-block-paragraph">I still have many student loans, but I will gratefully take what&#8217;s been given and thank God for His provision. Biden honored his campaign promise, and that is all I could ask for now.</p>



<p class="wp-block-paragraph">I know some of my friends will fully benefit from this change; for others, it won&#8217;t even cover the interest owed on their loans. But, in the end, the disparity continues.</p>



<p class="wp-block-paragraph"><strong>Moving Forward</strong></p>



<p class="wp-block-paragraph">As a next, I need to develop a new paydown plan for when the repayment starts. I hope to pay off a significant amount of my student loan in the next two and a half years. Moreover, as much as I would like to believe in the Student Forgiveness Loan Program, which I am currently enrolled in as a non-profit employee, I do not have confidence that the government will honor its promise once a new administration or new Congress takes over.</p>
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