BREAKING - Biden announces $20k in student loan debt forgiveness for Pell Grant recipients, $10k for those who did not receive Pell Grants. Details
People who didn't receive a Pell Grant are eligible for up to $10,000 in loan forgiveness, the president said on Twitter.In addition to canceling student loan debt, Biden will extend the repayment pause until Dec. 31. He said this will be the last extension of the pause, which began due to the pandemic.
Biden's plan will also allow people with undergraduate loans to cap their repayment at 5% of their monthly income. It's still unclear how the plan will be implemented. Biden is expected to make a formal announcement Wednesday afternoon. Many people were hoping to get information ahead of Biden's announcement. Borrowers reported that their loan provider's website went down Wednesday morning.Report a typo
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