Biden's Student Loan Forgiveness Plan

For tens of millions of Americans, President Biden will waive up to $20,000 in federal student loans.

For borrowers earning under $125,000 annually or for couples earning under $250,000 annually, the president announced that he will forgive $10,000 in federal student loan debt.

Additionally, according to Mr. Biden, people who get federal Pell Grants and earn less than $125,000 annually are qualified for a total $20,000 forgiveness. 

I acknowledge not everything I'm announcing today is going to please everyone, he remarked. But I think my strategy is responsible and fair.

The plan is expected to cost more than $300 billion over ten years, according to independent assessments.

Since borrowers would eventually repay less or none of their loans to the federal government, the action will eventually increase the federal deficit. 

According to the White House, those who obtained federal loans by June 30 of this year are qualified for forgiveness.

Democrats and advocacy groups who have long called for loan forgiveness praised the initiative. However, the plan was swiftly slammed by Republican lawmakers.

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