President Biden Announces He Will Cancel Certain School Loan Debt
As expected, President Joe Biden announced today he will cancel $10,000 in federal student loan debt for those making less than $125,000 a year. The loan forgiveness will amount to…
President Biden Announces Student Loan Forgiveness Plan for Many (Photo by Chip Somodevilla/Getty Images)
As expected, President Joe Biden announced today he will cancel $10,000 in federal student loan debt for those making less than $125,000 a year. The loan forgiveness will amount to up to $20,000 for Pell Grant recipients.
"In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January, 2023," said Biden.
Biden said he will announce more details on the plan later today. Critics of the plan say it will cost the taxpayers an estimated $300 billion.
The latest federal data shows more than 43 million Americans currently have federal student debt. About one-third of those owe less than $10,000. More than half owe less than $20,000.
President Biden said he will continue to pause on student loan payments through the end of this year.
