President Biden Announces Plan to Forgive $10,000 in Student Loan Debt for Millions of Borrowers

President Joe Biden announced plans to forgive $10,000 in student loan debt for millions of borrowers who make $125,000 a year or less.

Borrowers who received a Pell grants will qualify to get an additional $10,000 forgiven. 

The pause on student loan payments has also been extended to December 31.

According to the New York Times, around 45 million people in the United States owe a collective $1.6 trillion in federal student loans. That amount is more than what people in the country owe for credit card loans or car loans.

This post will be updated.