From the New York Times: Biden to Cancel $10,000 in Student Loan Debt for Borrowers Earning Less Than $125,000
WASHINGTON — President Biden will announce on Wednesday that he is canceling $10,000 in student loan debt for Americans earning $125,000 or less per year and extending a pause on payments for all borrowers until Dec. 31, capping months of anticipation over a campaign promise to provide economic relief to millions of people, according to four people familiar with the announcement.
Mr. Biden will also announce an additional $10,000 of debt forgiveness for students who received Pell grants in college, focusing the additional aid on people from lower-income backgrounds.
The administration will contend that 90 percent of the relief will go to households earning $75,000 a year or less. The debt relief will be available only to individuals earning $125,000 a year or less or households earning $250,000 a year or less.