What does Biden’s student loan forgiveness plan mean for you?

The Biden administration plans to wipe out up to $20,000 in outstanding student loans for every American who received a Pell Grant (given to those with substantial financial need) likely at any point during their college years if the borrower now earns less than $125,000.

Biden readies student loan help, payment pause

President Joe Biden on Wednesday is set to announce his long-delayed move to forgive up to $10,000 in federal student loans for many Americans and extend a pause on payments to January.