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Biden Cancels $10K Student Loans with Additional $10K for Pell Grant Borrowers

·4 min read
Nathan Posner/Shutterstock
Nathan Posner/Shutterstock

Just a week before the student loan repayment pause was set to expire on August 31, the Biden Administration announced new relief on Wednesday, Aug. 24.

See: Student Loan Repayments Would Be ‘Catastrophic’ for These Struggling Families
Live Blog: Student Loan Cancellation and Payment Pause

As expected by many, the Biden Administration Student Loan Debt Plan extended the pause through the end of the year, with no repayments for any borrowers due until after December 31, 2022. As well, the current administration has taken matters a few steps further by canceling $10,000 worth of debt for any individual holder of student loans that earns under $125,000 a year or households earning under $250,000 a year.