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CNN CNN Newsroom With Ana Cabrera July 7, 2024

intense debates inside the white house, tons of pressure from groups. there s three key elements here. the details are very important. there are income caps to actually qualify for this loan cancellation. if you are an individual who makes under $125,000 a year or a family that makes under $250,000 a year and you have federal loans, the president is going to basically sign the ability to cancel $10,000 of those loans. there s another element that s important. $20,000 could be canceled for any pell grant recipients with federal loans. that s incredibly important as the administration has worked continuously over the course of the last several months to target this relief and target this cancellation towards lower and middle income individuals. the administration officials believe roughly almost all of pell grant recipients make $60,000 or less. they would all qualify. when you look at the loan cancellation, it would affect about 43 million borrowers if they took advantag ....

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CNN CNN Newsroom With Alisyn Camerota and Victor Blackwell July 7, 2024

it s a game changer. we re also fixing what s called, and this has been the bane of driving me crazy when i was out of office. the public service loan forgiveness program. now, this program forgives student loans to encourage those students who have those loans if they go in to public service. think of the millions who are. public school teachers, local police officers, workers at local charities, members of the military and national guard, and so many more, think of the folks who work for federal, state, local, travel governments, keeping essentially services going, respond to go natural disaster, all of those firefighters and cops. the program is designed so if you serve in one of these jobs and be able to list those and be able to accurately assess whether you do, and make your loan payments for ten years, even if it s not consecutive years, your remaining balance will be completely forgiven. it s a great idea but the program is a mess. it s so inefficient, and compl ....

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Pres. Biden Extends Student Loan Freeze Through Jan. 31

Pres. Biden Extends Student Loan Freeze Through Jan. 31
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CNN CNN Newsroom With Ana Cabrera June 4, 2024 17:03:00

With the restart of the repayment freeze, they will offset the demand against the pressures going against one another. those are things that the white house will have to grapple with. this is a significant step and one for months that the president didn t seem to want to make. making it in just a little over an hour. we ll take his remarks when he does speak. thank you. joining us now is elizabeth warren. senator warren, thank you very much for joining us. i know this is an important issue for you. you spent most of your career as a law professor studying the effect of loan debt on families. the average loan debt is $30,000. you did campaign on $50,000 in debt relief. what is what is your reaction to this plan for $10,000? my reaction is that this is a great day. ....

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