Biden to forgive $13,900 in student debt, double for Pell Grant recipients

WASHINGTON - President Joe Biden announced a sweeping package of student-debt relief, forgiving US$10,000 in debt for borrowers who earn less than US$125,000 per year and households who earn less than US$250,000, and US$20,000 in debt for Pell grant recipients.

Biden will also announce changes to the current student loan system, where if you have undergraduate loans, you can cap repayment at 5 per cent of your monthly income. But it falls short of the amount that advocates have sought. Progressive lawmakers - including Senator Elizabeth Warren - civil rights groups and labor leaders pressured the White House to forgive higher debt-loads, arguing they are disproportionately carried by Black or lower-income students.

Identifying borrowers through Pell grants is an easy way for the Biden administration to offer more targeted relief, with data the Department of Education already has.

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