Biden cancels up to $10K in student debt, extends payment pause

President Biden officially announced on Wednesday that his administration is forgiving up to $10,000 in student loan debt for borrowers making less than $125,000 annually and $20,000 for Pell Grant recipients, marking the largest forgiveness of federal student loans per individual to date.

Biden also again extended a payment freeze on federal student loans and interest accrual, butting right up against an Aug. 31 deadline that would have kicked bills back into effect just before November’s midterm elections.