President Biden announced $10,000 in federal student loan forgiveness for most borrowers


President Joe Biden speaks about student loan debt forgiveness in the Roosevelt Room of the White House, Wednesday, Aug. 24, 2022, in Washington. Education Secretary Miguel Cardona listens at right. (AP Photo/Evan Vucci)
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President Joe Biden announced on Wednesday, August 24, that he will forgive $10,000 in federal student loan debt for most borrowers.

In a tweet, Biden said he’ll also cancel up to $20,000 for recipients of Pell Grants. The relief will be limited to Americans earning under $125,000 per year, or $250,000 for married couples or heads of households. 

The Education Department notes that the relief is capped at the amount of a borrower’s outstanding eligible debt.

According to CNBC, at least 9 million borrowers could have their balances entirely cleared by Biden’s plan. The program will cost the federal government around $244 billion along with $120 billion for Pell Grant forgiveness.

Click play to listen to the AURN News report from Clay Cane. Follow @claycane & @aurnonline for more.

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