Biden to Announce Student Loan Forgiveness Plan

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President Biden is planning to take executive action to forgive $10,000 or more in federal student loan debt for tens of millions of Americans, a move that would provide unprecedented relief for borrowers but is certain to draw political and legal challenges.

Following more than a year of internal White House debate, the president is set to announce later Wednesday that he will cancel $10,000 in federal student loan debt for borrowers making under $125,000 a year or couples making less than $250,000 a year, according to people familiar with the matter. In addition, those who receive federal Pell Grants and make less than $125,000 a year would be eligible for total forgiveness of up to $20,000, some of the people said.

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