Here's what we know about President Biden's plan to cancel some student loan debt. Who will qualify? How much will be forgiven? How will it work?
President Joe Biden is expected to announce Wednesday that many Americans can have up to $10,000 in federal student loan debt forgiven. Details of the plan are still being finalized.
Three people familiar with the plan say it will forgive up to $10,000 in student loan debt for anyone who makes less than $125,000 a year. They spoke on condition of anonymity to discuss details of the plan before it is announced. Some categories of borrowers could be eligible for more relief, but that was still being discussed.Those same people say the pause on student loan payments will be extended until January.
Interest rates will remain at 0% until repayments start. Under an earlier extension announced in April, people who were behind on payments before the pandemic will automatically be put in good standing.Details are yet to be announced, but only people making less than $125,000 a year are expected to qualify. People who borrowed through most federal student loan programs are likely to be eligible, while those who have private loans issued by banks or schools probably won't be.
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