U.S. education secretary answers questions on student loan forgiveness plan
(WFSB) – Eyewitness News is learning more about the new student loan forgiveness plan from the U.S. Secretary of Education, Connecticut native Dr. Miguel Cardona.
The plan wipes away $10,000 of debt for those who make under $125,000 a year.
It’s up to $20,000 for Pell Grant recipients.
The plan would also cap payments to 5-percent of someone’s monthly income.
Cardona says this plan is good first step, but more needs to be done for folks to get a quality and affordable education.
“We need to make college more affordable that probably doesn’t get a lot of attention but we are increasing accountability in higher education, improving the return on investment, by making sure that loan management is not something that people are afraid of, between public service loan forgiveness that was broken and was fixed and income driven repayment, I’m really excited about college being more accessible to so many more Americans,” said Cardona.
Cardona did not give a timeline as to when folks can start seeing that debt wiped away.
He did stress to go to the government’s website here to sign up for alerts to know when you can start applying.
Cardona expects the application process to start up in the next few weeks.
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