Biden’s student loan forgiveness plan: Who qualifies and how much debt will be forgiven?

President Biden’s student loan plan will reduce or erase debt for millions of borrowers.

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


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