My Student Loans Will Be Forgiven, but Millions of Americans Aren’t So Lucky
After almost two years and four extensions of the federal payment pause, President Joe Biden finally announced his plan for student debt relief. As expected, it came with constraints, but there was certainly a lot to celebrate. Biden didn’t shrink from his campaign promise to forgive only $10,000 per borrower, and he limited the cancellation to those making under $125,000. But there were still some surprises. Borrowers who received a Pell Grant, the federal aid for those with exceptional financial need, will have a total of $20,000 forgiven.