Are any of you still making any student loan payments? Do you have any children in college that took out some student loans? Some wonderful news came from this administration today.  It will help out a lot of people who may not make as big a salary as others.

President Joe Biden announced that his administration would forgive between $10,000 and $20,000 of federal student loan debt for borrowers making less than $125,000 per year. Federal Pell Grant recipients who meet the income requirements would be eligible for $20,000 in student debt forgiveness.  In the announcement, Biden also said he extended the student loan pause for a “final time” through Dec. 31, 2022.

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The website has an article which you can read HERE that will break down what info they have confirmed about this monumental announcement.  Millions of graduates in this country will be able to benefit from this.

I have been a part of a debt repayment plan that I can renew every year, that takes a certain amount a month to help pay down my debt.  I took out some loans to go back to school on two different occasions.  To have potentially $20,000 wiped clear from money I will owe will be a great thing since I do not make a huge salary.  I am certain that a fair amount of us live paycheck to paycheck, and to free up a few hundred dollars a month in student loan payments would be huge.  I could put that money into investments or a savings account so that I have more money whenever I decide to retire.

You can click HERE to see if you may qualify or your kids might benefit.  Working class families will benefit from this and I for one, could not be happier.  I hope many of you will benefit as well.

LOOK: Here are 25 ways you could start saving money today

These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]

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