We are about 21 days away from election day (November 3, 2020), and both presidential candidates have been making promises to the people should they win the election.
Joe Biden, Democratic presidential candidate, was asked about his plans to represent Generation Z if elected during a recent campaign, and he explained his intentions for college graduates.
Biden talked about his grandchildren in college and high school and committed to eliminating student loan debt for people whose families make under $120,000 annually and who went to a public university.
“I’m going to make sure that everybody in this generation gets $10,000 knocked off their student loan debt as we try to get out this god-awful pandemic. We’re gonna make sure we recognize you, we advance you. You’re the best educated, you’re the most open, you’re the least prejudiced generation in American history. The future is yours and I’m acting on it.”~ Joe Biden
According to Joe Biden’s plan and new income-driven repayment plan for borrowers, individuals making less than $25,000 per year will not owe any payments, and will not accrue any interest on the loans. Individuals who make over $25,000 will pay 5% of their income towards their student loan debt, and after 20 years of payments, the remaining balance would be forgiven.