Biden to Cancel $10k Student Loans

On Wednesday, President Biden announced a plan to forgive up to $20,000 of federal student loan debt for Pell Grant recipients, and up to $10,000 for other qualified borrowers.

Additionally, Biden extended the pause on federal student loan payments until December 31.

This is what you need to know about Biden's plan to cancel student debt:

Up to $20,000 in student loan debt can be canceled for Pell Grant recipients

A maximum of $10,000 can be canceled for qualifying borrowers.

Individuals earning under $125,000 per year, or married couples filing jointly earning over $250,000, are eligible for the plans.

The student loan pause has been extended until December 31, 2022.

More than 43 million borrowers will benefit, and 20 million will have their debts canceled entirely