The Biden administration announced Wednesday that it will make good on the president's campaign promise to tackle student loan debt.
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The Lede
The Biden administration announced Wednesday that it will make good on the President's campaign promise to tackle student loan debt.
Key Details
- They will forgive up to $20,000 if you went to college on Pell Grants, or $10,000 if you didn't receive Pell Grants.
- Forgiveness only applies to those earning less than $125,000 per year.
- Couples who earn $250,000 a year or less who file taxes jointly will also qualify for cancellation of up to $10,000 for each partner.
There will also be one more pause on student loan repayment, extending through the end of 2022.
In a tweet, President Joe Biden said that he would have more details on the announcement later this afternoon.
