The plan comes after months of deliberations. The White House will also extend the loan payment moratorium through
Dec. 31.
The Biden administration on Wednesday announced it was canceling up to $10,000 of student debt for millions of people
$20,000 of debt for low- and middle-income borrowers who previously received a Pell Grant.
The loan relief will be limited to borrowers who earn less than $125,000 a year or families earning less than $250,000.
“An entire generation is now saddled with unsustainable debt in exchange for an attempt, at least, at a college degree,” Biden said.
“The burden is so heavy, even if you graduate, you may not have access to the middle-class life that the college degree once provided.
Many people can’t qualify for a mortgage to buy a home because of the debt they continue to carry.”
The president said 43 million people would benefit from his student loan plan, with 20 million Americans having their student loans fully wiped out.
.
“People can start to finally crawl out from under that mountain of debt to get on top of their rent and their utilities,” he said.
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