Biden Administration Announces Expanded Student Loan Cancellation
$74 Billion in Relief for Borrowers
The Biden administration has announced an additional $74 billion in student loan cancellations for some borrowers, bringing the total amount of federal student debt forgiven under the program to $108 billion.
Eligibility for Relief
The latest round of relief will apply to borrowers who meet certain criteria, including:
- Borrowers with federal student loans who have an annual income of less than $125,000 (or $250,000 for married couples filing jointly)
- Borrowers who have received Pell Grants, which are awarded to low-income students
Amount of Relief
Under the new plan, Pell Grant recipients can receive up to $20,000 in loan forgiveness, while non-Pell Grant recipients can receive up to $10,000 in relief.
Applying for Relief
Borrowers who meet the eligibility criteria will need to apply for loan forgiveness online. The U.S. Department of Education is expected to release details about the application process soon.
Impact of the Plan
The Biden administration's expanded student loan cancellation plan is expected to provide significant relief to millions of borrowers. The move has been praised by student loan advocates but criticized by some who argue that it is too costly and unfair to those who have already paid off their student loans.
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