Biden announces historic student loan relief.
President Joe Biden will cancel $10,000 of student loans and extend the student loan payment pause for the seventh time.
Here’s what you need to know — and what it means for your student loans.
Biden announced historic student loan relief today to help millions of student loan borrowers, including 20 million student loan borrowers who will have all their federal student loans canceled. After years of speculation about whether Biden would enact wide-scale student loan forgiveness, Biden delivered on his campaign promise to help student loan borrowers get student loan relief. Plus, he extended the student loan moratorium, giving student loan borrowers more time before their federal student loan payments restart. Here are the key details.
Biden announced up to $10,000 of student loan forgiveness for each eligible student loan borrower who didn’t receive a Pell Grant. Borrowers who received a Pell Grant for college will get $20,000 of student loan relief. According to the White House, nearly every Pell Grant recipient came from a family that earned less than $60,000 in annual income. As a presidential candidate, Biden said he supported $10,000 of student loan cancellation. Since then, he has repeatedly called on Congress to pass legislation to deliver student loan forgiveness.
