The Biden administration announced on Wednesday that the government will forgive up to $10,000 in federal student loan debt for borrowers making less than $125,000 per year, and that the ongoing freeze on repayments will be extended for the last time to January.
Recipients of a Pell Grant, the program for needs-based grants to low-income undergraduate students, will have up to $20,000 of debt canceled. Married couples who didn't receive Pell Grants are eligible for the $10,000 in relief if their combined income is less than $250,000.
The plan is in line with what Biden promised during his campaign, but it falls far short of pleas from Democrats who have called for him to forgive $50,000 per borrower. (According to a study by NerdWallet, the average household with student debt owes about $59,000.)
If you're among the more than 40 million people saddled with federal student loan debt, we want to hear from you about the potential impact of the administration's decision on your life. Would $10,000 in debt relief make a difference? If there was an income cap, would that impact you?
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