As you know one of the major issues in this country that many Millennials and Ge-Z’s are experiencing is the amount of student loan debt they accumulate. So we wanted to highlight a few bullet points that the board and our president intend to roll out. Broad student Loan Forgiveness would be great. Remember, the time it currently takes to pay off students loans is 21.1 years. We need not say that this takes a substantial impact on being able to buy a house, get married, and raise a family.
Bigger Pell Grants go up to $6,495 for the 2021-2022 Academic school year. However, it only covers about 60% of the average college tuition during the school year. Going forward into the 2022-2023 school year the proposed increase would be to $8,370, a total increase of $1,875 which would be very helpful.
Every day in counseling to come to college education
Here is the one that most interests me, “free College Tuition.” Biden’s American family plan proposes to make college tuition-free at some schools. If you attend a community college, the tuition for a certificate or degree would be free for two years. There are grants if you attend a private college, a public college, or a minority-serving institution. Tribal colleges and universities also have additional MSI’s. Some students would still have to pay some additional costs, such as room and board and books.
These are just a few components and highlights of the plan. For more information feel free to research it but I think we’re moving in the right direction to lowering student loan debt.