Biden’s Long-Awaited Student Loan Cancellation Decision Has Been Made
Loans will be forgiven in the amount of $10,000 for people who make under $125,000. Recipients of Pell Grants will have up to $20,000 forgiven. The payment pause on federal student loans will also be extended through Dec. 31.
(Jemal Countess via Getty Images for We, The 45 Million)
Updated at 2:30 p.m. PT
For students across the nation, it seems that the never-ending wait is over. President Joe Biden announced Wednesday that his administration will forgive up to $20,000 in federal student loan debt.
Loans will be forgiven in the amount of $10,000 for people who make under $125,000. Recipients of Pell Grants will have up to $20,000 forgiven. This will affect over 40 million borrowers in the United States.
The payment pause on federal student loans will also be extended through Dec. 31.
Want to be notified when the application is available to apply for forgiveness? Sign up at the subscription page on its website.
Need to check the status of your eligibility for Pell Grant forgiveness? Go to the Federal Student Aid website.
Some believe that this is a step in the right direction and applaud the decision.
Others want more relief.