Sup, you beautiful bastards. Welcome back to the Philip DeFranco show. Buckle up. Make sure you

subscribe to your subscribe. Lucky Subscribe beautiful bastards this month. And let's just jump into it.

The first thing that we're going to talk about today is fantastic fucking news for about 20 million

Americans and pretty great news for 23 million more. Though maybe I should pull back on the word

fantastic because if you look on social media right now, yes, you have people that are happy, but also people are fucking furious. With some on one side

saying, fuck you, this is nowhere near enough. Whereas on the complete polar opposite, you have people

saying, fuck you, this shouldn't even be happening. And what we're talking about and what they're

reacting to is the Biden administration announcing today that they are canceling up to $20,000 in student debt for Pell Grant recipients and up to $10,000 for non-Pel grant recipients.

And in both of those instances, you're eligible for the relief if your individual income is under

$125,000 per year. And in addition to that, they're extending the pause on loan repayments by four

months. But also, once those repayments do resume, many people are going to benefit from the fact that Biden also capped monthly payments for undergraduate loans at 5% of a borrower's discretionary income, which is half the 10% rate

the borrow borrow borrow the borrowers had to pay before under most plans. And the White House

saying that it'll lower the average annual student loan payment by more than $1,000 a year. Now,

before moving forward, if you are someone that this affects, you need to know this. Reportedly, the Department of Education lacks income data for most Americans with student debt. In fact, the White House says that it expects that only around 8 million of the 43 million

eligible borrowers may be eligible to get their relief automatically, because their income is

available to the department. But for everyone else, the administration says that it's setting up a

simple application process for borrowers to claim relief. It's saying that it'll be ready no later

than the end of the year when the freeze on loan repayments expires. You know, one of the most interesting parts of this story is, how are people receiving this news?

And so this morning I asked on Twitter, for those of you affected by this, what are your thoughts?

And so let's go through some of it together. Absolutely beyond relieved. It's not enough. And there

should be a tiered system, not income cap. Shouldn't be punished for succeeding in our career since college, especially those with significant debt who went means for years to pay off our loans. Our friends traveled,

new cars, paying the minimum, and now we're getting those loans reduced. Also, in addition to those,

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