President Joe Biden says the U.S. government will forgive $10,000 - $20,000 in student loans.
U.S. President Joe Biden has announced a plan to cancel student loan debt for millions of Americans.
In a tweet, Biden announced that borrowers who earn less than $125,000 a year, would be eligible for $10,000 in loan forgiveness if they didn't receive Pell grants.
Meanwhile, Pell grant recipients will be given $20,000 in loan forgiveness.
Pell grants are reserved for undergraduates with the most significant financial need.
Biden is also extending a pause of federal student loan payments through the end of the year.
According to the White House, the plan would erase the federal student debt of approximately 20 million Americans.
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