Biden announces big student loan forgiveness plan

President Joe Biden announced his long-awaited plan to deliver on a campaign promise to provide 10,000 USD in student debt cancellation for millions of Americans. Borrowers who earn less than 125,000 USD a year, or families earning less than 250,000 USD, would be eligible for the 10,000 USD loan forgiveness. 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 USD 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.