HOUSTON – President Joe Biden last week announced a plan for student loan forgiveness that eliminates $10,000 in federal student loan debt for those with incomes below $125,000 a year, or households that earn less than $250,000, and grants an additional $10,000 in relief for borrowers who received federal Pell Grants to attend college.
The debt cancellation applies to federal student loans used to attend undergraduate and graduate school, along with Parent Plus loans. Current college students qualify if their loans were issued before July 1.
Under the plan, 43 million borrowers are eligible for some debt forgiveness. About 20 million are expected to get their debt erased entirely, according to the administration.
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