Biden to Announce Student Loan Debt Relief for Earners Making Less than $125K

According to the New York Times, President Biden is expected to announce today that his administration will cancel $10,000 in student loan debt for Americans earning $125,000 or less per year (or households earning $250,000 or less per year). The administration will also extend the payment moratorium until December 31st of this year, with borrowers expected to resume payments in the new year. 

Along with this announcement, the President is expected to report that college Pell grant recipients will receive an additional $10,000 in debt forgiveness. 

Legal challenges to the loan forgiveness program are expected, which may make the timing for implementation uncertain.