Pres. Biden Cancels $10,000 of Student Loan Per Person

President Biden announced student loan forgiveness of $10,000, and other qualifying borrowers and Pell-Grants recipients to $20,000. Pres. Biden also extended the federal student loan payment pause through December 31, 2022.

Pres. Biden stated, “In keeping with my campaign promise, my administration is announcing a plan to give working and middle-class families breathing room as they prepare to resume federal student loan payments in January 2023,” on his Twitter account Wednesday.

U.S. Secretary of Education Miguel Cardona said in a statement, “Today, we’re delivering targeted relief that will help ensure borrowers are not placed in a worse position financially because of the pandemic and restore trust in a system that should be creating opportunity, not a debt trap.”

The forgiveness will apply to only those who made less than $125,000 a year as a single taxpayer and $250,000 for married taxpayers filing jointly. The borrowers must meet the income requirement. Pell Grants are the federal grants program for the students of low-income families for their higher education.

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