Pres. Biden on Wed. formally announced up to $20K+ in federal student debt relief, along with several loan program reforms.
Under Biden's student debt relief plan, borrowers making under $125K+ are eligible for $10K+ in debt relief.
Pell Grant recipients making under $125K+ will receive double that amount, totaling $20K+ in federal debt relief.
According to White House estimates, Biden's forgiveness plan is expected to completely wipe out debt for 20M+ borrowers.
That's not all: Biden also announced Wed. that he was extending the pause on student loan payments to Dec. 31.
Biden is also lowering the cap on income-driven repayment programs for undergraduate federal loans to 5%. (WaPo)
Public servants with 10+ years of service will also be eligible for total debt relief under the expanded PSLF program.