On Wednesday, President Joe Biden announced long-awaited student loan forgiveness.
He canceled $10,000 in loans for federal borrowers, and $20,000 for Pell Grant recipients.
Insider spoke to two debtors who will see all of their debt wiped out from the announcement.
Jaymie Horak’s life changed this week.
The 31-year-old in Portland, Oregon, took out $50,000 in Pell Grant loans to put themself through college. Horak was a first-generation university student, and, beyond the academic grants they received, there was “literally nothing at all” to help them pay their for the rest of school other than loans.
Pre-pandemic, Horak, who works in HR, had paid down their loan burden to about $20,000. The payment pause meant they were able to save and put a down payment on a condo, but they feared they wouldn’t be able to afford their mortgage when student-loan payments resumed.
Then came the news on Wednesday: President Joe Biden was forgiving their entire student-loan debt.
This article was written by [email protected] (Juliana Kaplan,Ayelet Sheffey) and originally published on www.businessinsider.com