The Biden administration introduced several new efforts to protect renters, make renting more affordable, and to increase fairness in the rental market.
Under the new plan, borrowers who earn less than roughly $30,600 a year would owe $0 a month on their federal student loans, effectively pausing them. A borrower who’s in a family of four and makes less than roughly $62,400 would also see their payments paused.
Over the past two years, the Biden-Harris administration and the Democratic-run House and Senate acted to lower healthcare and drug costs; fight climate change and reduce energy costs; invest in mental health care; and invest in American manufacturing and infrastructure.
Prior to this move, student loan debt—unlike credit card bills, medical bills, and most other forms of debt—was not eligible to be automatically wiped away when a person filed for bankruptcy.
In the past week, two separate courts controlled by conservative judges have ruled against the Biden administration’s plan to cancel tens of thousands of dollars in federal student loan debt for millions of borrowers, putting that relief in jeopardy.
With many American families facing record-high energy costs this coming winter, the Biden-Harris administration has announced several steps to help lessen the burden.