Biden Announces the Details of His Student Loan Forgiveness Plan

On August 24, the Biden administration announced it will forgive $10,000 in federal student loan debt per borrower and $20,000 for borrowers who also received Pell Grants. The administration will also extend the existing student loan moratorium for another four months, until December 31, 2022. The decision applies to undergraduate student loans only and is limited to debtors with an annual income under $125,000 per year (or under $250,000 for households).

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At least 14 million of the roughly 43 million Americans with federal student loans have under $10,000 in debt and could have the entirety of their debt burden canceled, according to the most recent data from the US Department of Education. Looking at debtors under 35 years old specifically, about 36% of them have less than $10,000 in federal student loans and could see their student loan bill wiped clean. We don’t currently have data on how many of those millions of debtors would be made ineligible for debt relief because of the income cap.


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