Sumary of This 1 Thing Would Cut Student Debt in Half:
- President Joe Biden (Photo by Scott Eisen/Getty Images) Getty Images This 1 thing would cut student debt in half.
- Student Loans According to a new report, Congress can cut half of all student loan debt by doubling Pell Grants.
- The Gender Equity Policy Institute found that by doubling Pell Grants: Student loan borrowers would cut their student loan debt by half or more;
- Community college students who receive the maximum Pell Grant award will graduate student loan debt-free.
- Student loan borrowers with a Bachelor’s degree who get the maximum Pell Grant award will students who receive the maximum award will see a 79% reduction in debt.
- Student loans: who benefits from doubling Pell Grants Pell Grants are need-based grants to students to help pay for higher education at 2-year and 4-year colleges and universities.
- Currently, the maximum annual Pell Grant is $6,495. Approximately 95% of Pell Grant recipients have a family income below $60,000. Over the past 50 years, more than 196 million Pell Grants have been awarded to students, with nearly 4 in 10 undergraduates receiving one.
- MORE FOR YOU Here’s who benefits if Congress doubles Pell Grants to $13,000: More than 25 million adults each year could benefit from increasing the Pell Grant;