Biden Cancels $10,000 of Student Loans for Borrowers Earning Under $125,000

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Biden Cancels $10,000 of Student Loans for Borrowers Earning Under $125,000
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President Joe Biden will cancel up to $10,000 of federal student loan debt for borrowers making less than $125,000 per year. See potential bias and similarities in coverage from NRO, NBCNews and thehill: StudentLoanForgiveness

The Biden administration announced Wednesday that it will cancel up to $10,000 in student debt for borrowers who earn $125,000 a year or less and up to $20,000 for recipients of Pell Grants.

Couples who earn $250,000 a year or less and file taxes jointly will also qualify for cancellation of up to $10,000 for each partner. The administration is also extending the payment pause on federal student loans for a final time through Dec. 31. In a tweet, President Joe Biden said that he would provide further details on the announcement Wednesday afternoon.

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