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For debtors earning up to $125,000 annually, President Joe Biden outlined a plan to forgive $10,000 of student loan debt.
President Joe Biden on Wednesday unveiled a plan to cancel debt for a portion of Americans and maintain the pandemic-era pause on repayments,
which he has openly considered since his time as a candidate. The announcement came ahead of another deadline on the restart of payments for America’s $1.7 trillion in federal student loans.
Biden explained his idea to forgive tens of thousands of dollars for people making less than $125,000 per year while speaking from the Roosevelt Room of the White House.
According to Biden, “an entire generation is now burdened with unsustainable debt in return for at least trying to earn a college degree.” Even if you graduate, the weight will be too great.
He continued, “The pandemic only made things worse,” noting that many people put off starting families or can’t afford to buy homes in part due to their student loan debt.
People who made less than $125,000 annually, or $250,000 as a household, in either the 2020 or 2021 tax year are eligible for both forgiveness options.
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