On Wednesday, the Biden administration declared that it will forgive up to $10,000 in student loan debt for borrowers who make $125,000 or less per year, as well as up to $20,000 for those who get Pell Grants. Couples who file jointly and make $250,000 or less annually are also eligible for a cancellation of up to $10,000 for each spouse.
Additionally, the government is finalizing the extension of the payment moratorium on federal student loans until December 31.
