Biden’s Student Loan Forgiveness Plan: Who Qualifies, and How Much Will Be Canceled?

President Biden’s student loan plan would reduce or wipe out the debt of millions of borrowers.

Plan to eliminate federal debt up to $10,000 for individual borrowers with annual incomes of less than $125,000 or couples earning less than $250,000. Many borrowers will be eligible for a total waiver of up to $20,000 if they receive Pell Grants, a form of federal financial aid given to students from low-income households.

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