Forgiveness only applies to those earning less than $125,000.
President Joe Biden announced a plan Wednesday morning to provide some student loan relief for American families.
If you went to college on a Pell Grant and are making less than $125,000 a year, you may be able to wipe $20,000 out from your student loan debt. The plan also allows borrowers with undergraduate loans to cap repayment at 5% of their monthly income. If your monthly income is $3,000, for example, you can expect to pay no more than $150 a month in student loans when payments resume.Borrowers who did not receive Pell Grants are eligible for $10,000 in loan forgiveness, while Pell Grant recipients will be eligible for $20,000 in forgiveness.
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