President Biden announced on Wednesday that the federal government will cancel up to $20,000 in student loan debt for roughly 43 million borrowers. Under the plan, borrowers making less than $125,000 are eligible for up to $10,000 in student loan debt relief. Those who received Pell Grants are eligible for an additional $10,000 in relief. The president also deferred student loan repayments, for the final time, until the end of the year.
For further information on the student loan forgiveness plan, click here.