(WANE/AP) — President Joe Biden on Wednesday announced his long-awaited plan 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, 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.
Biden is also extending a pause on federal student loan payments for what he called the “final time” through the end of 2022.
So what do you think of the plan?