President Joe Biden unveiled his long-awaited plan on Wednesday to make good on a campaign pledge to waive $10,000 in student loan debt for millions of Americans, with an additional $10,000 Stimulus Check available to those in the greatest need, along with new initiatives to ease the burden of repaying their surviving federal student debt.
Residents of Maryland can still qualify for the student debt relief Stimulus Check, which is one such benefit that is accessible to them. The deadline to apply for this Maryland student stimulus check, which offers up to $1,000 to qualified recipients, is less than 3 weeks away.
Stimulus Check Deadline Is Almost Here
According to a tweet from Biden, borrowers who make less than $125,000 annually or families who make less than $250,000 will be qualified for the $10,000 loan forgiveness. Up to an additional $10,000 in federal student debt would be forgiven for Pell Grant recipients by the federal government. Pell Grants are given to undergraduates with the greatest financial need.
Additionally, Biden is extending a “last time” halt on federal student loan payments through the end of 2022. He was scheduled to make a speech at the White House on Wednesday in the afternoon to present his idea. Since the program’s inception in 2017, more than 40,000 residents have benefited from the tax credit, including around 9,000 who earned it last year.
In the lead-up to this fall’s midterm elections, if his Stimulus Check scheme is successful in withstanding the legal challenges that are almost certain to arise, it may provide a windfall to a large portion of the country. According to federal figures, there are more than 43 million persons with federal student debt, with an average load of $37,667. Many Democrats praised the move, but it did not seem to fully placate any of the factions that had been vying for power.
