Millions of student loan borrowers will have thousands of dollars of loan debt forgiven, according to a Biden-Harris administration announcement this week.
For borrowers who received Pell Grants, President Joe Biden announced up to $20,000 of student loan forgiveness. For individuals who earn less than $125,000 annually or those in households that earn less than $250,000 annually, the loan forgiveness is up to $10,000.
The announcement included an extension of the student loan repayment pause for a final time until Dec. 31, 2022. It also included new income-based repayment rules that could make future payments more affordable for borrowers.
“CU Boulder supports any measure that helps make higher education more accessible,” said Chancellor Philip DiStefano. “We are encouraged to see attention to this important issue increasing nationally, and this announcement will bring relief to many of our campus community members.”
CU Boulder has taken several steps to make the pursuit of higher education more affordable in recent years.
This includes the elimination of course and program fees, a four-year lock on tuition for incoming undergraduates, automatic scholarships for qualified Colorado resident students, a $200-per-year reduction to mandatory fees from the elimination of a capital construction fee, scholarships for academically qualified transfer students and grants for low-income students.
Under the CU Promise program, resident students from low-income families receive grants to help pay tuition, fees and an estimated work-study award to help pay for educational expenses.
In 2021, CU Boulder also announced the campus would cover mandatory fees for graduate students on assistantship appointments. Eligible graduate students on appointment received a 3% stipend increase in January.
The United States Department of Education has more information on the student loan forgiveness announcement available through the Federal Student Aid website.