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Biden forgives $10,000 in federal student debt

By Shubhangi Mathur - Aug 24, 2022, 05:12 PM ET

Last Updated - Jul 18, 2023, 04:30 PM EDT

Biden forgives $10,000 in federal student debt

He will also cancel up to $20,000 for recipients of Pell Grants

US President Joe Biden announced on Wednesday that he will forgive $10,000 in federal student debt.

He will also cancel up to $20,000 for recipients of Pell Grants.

The financial relief will be limited to Americans earning under $125,000 per year, or $250,000 for married couples or heads of households.

Biden said from the White House, “Both of these targeted actions are for families who need it the most.”

Biden said that 95% of borrowers would benefit from the plan, or about 43 million people, and of those, over 60% are Pell Grant recipients.

Picture Credits: Getty Images

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