President Joe Biden announced Wednesday his plan to provide $10,000 in student loan debt cancellation for millions of Americans.
The plan, delivering on a platform Biden centered his 2020 presidential campaign on, will see borrowers that earn less than $125,000 annually, as well as families earning less than $250,000, be eligible for the $10,000 loan forgiveness, Biden announced on Twitter.
Pell Grant recipients, reserved for undergraduates with the most significant financial need, will see an additional $10,000 in federal loan debt cancellation.
According to the White House, President Biden is also extending a pause on federal student loan payments through the end of 2022. This is the “final time” such actions will be taken, the president said.
Biden is expected to unveil his detailed proposal to the public on Wednesday afternoon.