Live Updates President Joe Biden unveiled his plan to forgive federal student loan debt for millions of Americans Wednesday. The long-awaited announcement fulfills one of Biden’s key campaign promises. Up to $20,000 will be forgiven for qualifying students who attended college on Pell Grants and up to $10,000 for those who did not receive Pell Grants. Borrowers earning less than $125,000 a year would be eligible. In addition, the administration extended the student loan pause one final time, through December 31, 2022. An application for student debt forgiveness will be available through the U.S. Department of Education before the repayment pause ends. Democrats have criticized the plan calling for broader relief, while moderates and Republicans question its fairness . The plan could erase student debt for millions of Americans. Experts have begun weighing in on how they think Biden’s plan will impact the U.S. economy and whether they believe it will help or hurt inflation . Live Updates Have Ended. 17:00 PM EDT Next Steps for Qualifying Borrowers The U.S. Department of Education (DOE) on Thursday outlined the next steps for student loan borrowers following President Joe Biden’s student debt forgiveness announcement. Several details of Biden’s plan have already been… Read full this story
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