Biden Announces Student Loan Forgiveness Plan
President Joe Biden is canceling some student debt for millions of Americans, delivering at least partially on a campaign promise and hoping to energize younger, college-educated voters ahead of the November midterm elections.
Biden’s plan calls for thousands of dollars in loan cancellations for those who earn less than $125,000 a year. For those who went to college on Pell Grants, $20,000 will be forgiven. Those who did not receive that grant will see $10,000 in debt forgiveness.
People with undergraduate loans can cap their repayment at 5% of their monthly income.
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