President Biden announced today that he will cancel up to $10,000 in student debt for Americans earning less than $125,000 per year (or $250,000 for couples filing taxes jointly) with additional relief for borrowers from low-income backgrounds who received Pell Grants. He will also extend the current pause on student loan payments, slated to end Sept. 1, for an additional four months, through Dec. 31.

“In keeping with my campaign promise, my administration is announcing a plan to give working and middle-class families breathing room as they prepare to resume federal student loan payments in January 2023,” Biden said on Twitter.

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