BREAKING: President Biden announced a sweeping effort to forgive up to $20,000 of federal student loan debt for Pell Grant recipients, and up to $10,000 for others. Biden also extended the federal student loan payment pause through Dec. 31.
The Department of Education estimates that, among borrowers who are no longer in school, nearly 90% of relief dollars will go to those earning less than $75,000 a year.
In order to benefit from this announcement, most borrowers will have to submit an application to verify their income. The Education Department said nearly 8 million borrowers already have income information on file, and should qualify to have their debts canceled automatically. The department will announce further details on how borrowers can claim this relief in the weeks ahead.Many borrowers are celebrating Biden's announcement: Giselle Parks of Orlando, Fla.
Many economists and higher education experts also opposed the move, arguing that widespread debt cancellation would do nothing to fix the rising costs of college.
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