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President Biden announces student loan forgiveness up to $10K

Photo courtesy of the White House

On Wednesday, President Joe Biden announced plans to cancel up to $10,000 of student loan debt for borrowers earning an annual income of under $125,000.

The President also said that the amount of forgiveness will be higher for low-income earners who went to college on Pell Grants. Those who attended college on Pell Grants will receive $20,000 in student loan forgiveness.

Biden added that those with undergraduate federal loans can cap their payment at five percent of their monthly income and plans to extend the payment freeze one final time until the end of the year.

Mississippi Governor Tate Reeves weighed in on the announcement.

The official announcement will be made by Biden on Wednesday at 1:15 p.m. CT.

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