Student Loan Forgiveness - What's New?

President byden's student loan plan will reduce or wipe out the debt of millions of borrowers. The plan eliminates up to ten thousand dollars in federal loan debt for individual borrowers with annual incomes of under 125 thousand dollars, or couples who earn less than two hundrd and 50 thousand dollars. Many borrowers will be eligible for total forgiveness up to 20 thousand dollars if they received pell grants, a form ofand a form of federal financial aid awarded to students from low income households. We're in unprecedented territory, said scott buchanan, executive director of the student loan servicing alliance. This has never been done before.