Who benefits from student debt cancellation?
Biden will cancel up to $20,000 in student loans for low-income undergraduate students. The Biden Administration recently announced it will cancel up to $10,000 in federal student loan debt for borrowers who earn less than $125,000 a year, or families earning less than $250,000.
How much student loan debt can you get cancelled?
Most federal borrowers can get up to $10,000 of student loan debt cancelled, with that number increasing to $20,000 if you received federal Pell grants. The president’s promise to cancel some $10,000 of student loan debt goes back years, to when he was on the campaign trail running to win the November 2020 election.
How much student loan debt will Biden cancel?
The Biden Administration recently announced it will cancel up to $10,000 in federal student loan debt for borrowers who earn less than $125,000 a year, or families earning less than $250,000. Biden will also cancel up to an additional $10,000 in federal loan debt for people who received Pell Grants [1] as low-income undergraduate students.