Finally some relief. Read on to see what this means for you:
. Each borrower owes an average of $28,950 in debt. It's a massive issue that affects the finances and well-being of millions of Americans. And with federal student loan payments previously set to resume on September 1, 2022 after many pandemic-induced extensions, many people have been nervous about what would happen to their finances after years of not having to pay their loans.
However, today it seems like there will finally be some additional relief for some of those saddled with student debt. President Biden announced a —with the goal of helping those currently affected by debt as well as addressing some of the worst aspects of the current student loan system.Under the new plan, the Department of Education willup to $10,000 for people who do not have Pell Grants
. People are eligible for this debt cancellation if their income is less than $125,000 per year . According to
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