Biden Announces Long-Awaited Student Debt Forgiveness Plan
Newsy
President Biden is also extending a pause on federal student loan payments for what he called the "final time" through the end of 2022.
President Joe Biden on Wednesday announced his long-awaited plan to deliver on his campaign promise to provide $10,000 in debt cancellation for millions of Americans — and up to $10,000 more for those with the greatest financial need.
Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness, President Biden announced in a tweet. For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.
President Biden is also extending a pause on federal student loan payments for what he called the "final time" through the end of 2022. He was set to deliver remarks Wednesday afternoon at the White House to unveil his proposal to the public.
