Source: Lincsey McPherson, ROLL CALL, 8/24/22

President Joe Biden announced Wednesday that his administration will cancel $10,000 in student loan debt for federal borrowers and $20,000 for Pell Grant recipients earning less than $125,000 a year.  The long-anticipated announcement comes one week before the pandemic pause on student loan payments is scheduled to end. Biden is extending that pause through the end of the year, which will help all borrowers, not just those eligible for the debt forgiveness, but the administration is warning this is the final extension and borrowers should plan to resume payments in January.

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