DetailsĀ The Biden-Harris Administration's Student Debt Relief Plan Explained (studentaid.gov)
Income-based repayment plans have long existed within the U.S. Department of Education. However, the Biden-Harris Administration is proposing a rule to create a new income-driven repayment plan that will substantially reduce future monthly payments for lower- and middle-income borrowers.
Aug 2022 Statistics -Ā according to the Federal Reserve Bank of St. Louis.
- $1.75 trillion in total U.S. student loan debt.
- 48 million Americans have student loan debt
- 94.5% of student loans are federally backed.Ā ($1.65 trillion).Ā Ā
2021 Statistics - according to Nerd WalletĀ
- $1.59 trillionĀ in total U.S. student loan debt.
- 42.9 million Americans have student loan debt -1 in 8 (12.9%) people in the United States
- 92.3% of student loans are federally backed ($1.47Ā trillion)
Student-Debt-for-College-Graduates-in-California.pdf (ticas.org)
School | AverageĀ Debt ofĀ Graduates |
Graduates With Debt |
Average PrivateĀ Debt ofĀ Graduates |
Graduates With PrivateĀ Debt |
Total College Cost |
Tuition and Fees |
UCLA P
(public) |
$20,305 | 40% | $32,911 | 3% | $35,793 | $13,240 |
USCĀ
(Private) |
$26,850 | 33% | $48,056 | 5% | $77,459 | $58,195 |
CSULA | $12,536 | 74% | $15,872 | 2% | $28,027 | $ 6,768 |
Nerd-Wallet details the Debt:Degree ratio - as an example
- Bachelor's degree debt $Ā Ā 28,950
- Medical school debtĀ Ā Ā Ā $201,490
- Law school debtĀ Ā Ā Ā Ā Ā $145,500
According toĀ California Institute for Access & Success, inĀ 2013, CaliforniaĀ had the third lowest student loan debt average.
- National averageĀ Ā Ā - $26,000
- California average -Ā $18,879
- CSUN averageĀ Ā Ā Ā -Ā $16,172Ā Ā
Details of the Biden-Harris Administration Student Dept Relief Plan
- $20,000 max relief for recipients who received Pell-Grant loans (federally-backed student loan).
- $10,000 max relief for those who did not receive Pell-Grant loans
- Income limitations now - not at the time of the loan - to receive relief
- Borrowers who make more than $125,000 individually
- $250,000 as a household
- The debtĀ is not erased or cancelled until it is paid. Recipients of the loan will receive a capped amount of the outstanding debt, not exceeding the amount received.Ā
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