Here’s where President-elect Biden stands on student loan debt relief

n plan, individuals making $25,000 or less per year will not owe any payments on their undergraduate federal student loans and also won’t accrue any interest on those loans.

Everyone else will pay 5 percent of their discretionary income (income minus taxes and essential spendings like housing and food) over $25,000 toward their loans.

This plan, according to the proposal, will save millions of Americans thousands of dollars a year. After 20 years, the remainder of the loans for people who have responsibly made payments through the program will be 100 percent forgiven.

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