President Biden Announces That He Will Cancel $10,000 in Student Debt for Some Borrowers


The debate over student debt forgiveness that has raged ever since President Joe Biden took office concluded (for now, anyway) with an announcement on Wednesday that Biden would cancel $10,000 in student loan debt for Americans earning $125,000 or less per year, and extend a pause on payments for all borrowers until December 31. (Pell Grant recipients will receive an additional $10,000 in debt forgiveness.) According to reports, 90% of the relief is being allocated to households earning $75,000 a year or less.

Biden’s plan to provide debt relief isn’t as wide-ranging as the ones that many Democrats—including Senators Bernie Sanders and Elizabeth Warren—campaigned on in the past, and borrowers who will find themselves looking at thousands of dollars’ worth of debt even after this new measure takes effect may find it difficult to cheer on.

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