Biden Cancels <br />$10,000 in <br />Student Debt, for Most Borrowers, , Extends Payment Pause.<br />Biden Cancels <br />$10,000 in <br />Student Debt, for Most Borrowers, , Extends Payment Pause.<br />President Joe Biden announced the student loan debt cancellation via Twitter on Aug. 24.<br />The cancellation of $10,000 applies to individuals making less than $125,000 or couples making less than $250,000.<br />An additional $10,000 in debt ($20,000 total) will be canceled for students who received a Pell Grant.<br />Payments for those with undergraduate debt will not exceed five percent of monthly income, down from the previous 10 percent cap. .<br />The payment pause will also be extended through Dec. 2022.<br />In keeping with my <br />campaign promise, .., President Joe Biden, via Twitter.<br />... my Administration is announcing a plan to give working and middle class families breathing room... , President Joe Biden, via Twitter.<br />... as they prepare to resume federal student loan payments <br />in January 2023, President Joe Biden, via Twitter.<br />The president will make <br />a public statement further <br />detailing the plan.<br />The announcement comes after nearly two years of internal White House debate and negotiations.<br />Democrats hailed the announcement, saying that it provides many with student loan debt space to make significant life choices.<br />That’s a lot of young people that are going to be able to have a sigh of relief, .., Rep. Tony Cárdenas, (D-CA), <br />via 'The New York Times'.<br />... that are going to be able to look forward to buying a house soon; they could look forward to starting a family sooner, Rep. Tony Cárdenas, (D-CA), <br />via 'The New York Times'.<br />Currently, close to 45 million individuals have student loan debt totaling more than $1.6 trillion
