Biden's Student Loan Forgiveness Plan Will Relieve Up to $20,000 in Debt for Millions

For tens of millions of Americans, President Biden will waive up to $20,000 in federal student loan debt.

According to statements made on Wednesday, the president will forgive $10,000 in federal student loan debt for borrowers earning less than $125,000 annually or for couples earning under $250,000 annually.

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Additionally, Mr. Biden said, people who get federal Pell Grants and earn less than $125,000 annually are qualified for a total $20,000 forgiveness.

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Federal student loans from undergraduate and graduate degrees, as well as Parent Plus loans, are eligible for remission.

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Independent estimates suggest the plan will cost more than $300 billion over 10 years.

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President Biden said “I understand that not everything I’m announcing today is going to make everybody happy, but I believe my plan is responsible and fair.”

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Additionally, Mr. Biden declared that the temporary freeze on student loan payments would continue through the end of this year.

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For millions of borrowers, loan payments were scheduled to start up again after August 31.

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