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Biden announces long-awaited student debt forgiveness plan

Joe Biden at a podium in from of building debris and a wrecked car
President Joe Biden delivered remarks in Dawson Springs, Ky., on Dec. 15, 2021 during a trip to survey the damage caused by last weekend's catastrophic tornadoes.

President Joe Biden has announced his long-awaited plan to deliver on his campaign promise to provide $10,000 in debt cancellation for millions of Americans — and up to $10,000 more for those with the greatest financial need.

Biden announced in a Wednesday tweet that borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness.

For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt. Biden is also extending a pause on federal student loan payments for what he called the “final time” through the end of 2022.