President Biden announced he will sign an executive order which will forgive up to $10,000 of student loan debt for individuals making less than $125,000 per year (and couples earning less than $250,000). Borrowers who received a Pell Grant may be eligible to receive up to $20,000 in loan forgiveness.
In addition, the Administration announced the current pause on federal student loan payments will be extended for the last time through December 31, 2022.
This news comes after the recent announcement that U.S. Department of Education is implementing temporary changes to the Public Service Loan Forgiveness (PSLF) program to make it easier for federal student loan borrowers to receive credit for past periods of repayment. Click here for more details on that announcement.