Biden Cancels Student Debt for Millions of Americans | PBS NewsHour

President Joe Biden on Wednesday announced his long-awaited plan on student debt. Borrowers making less than $125,000 a year will be eligible for $10,000 in federal loan forgiveness. That goes up to $20,000 for those with the greatest need. The move addresses part of the $1.6 trillion in federal loans held by 45 million Americans. Biden also extended a pause on loan payments through the end of this year. 

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This lesson was originally posted here on PBS NewsHour Classroom on August 25, 2022. Check out more resources at NewsHour Classroom.