How Will the Student Loan Forgiveness Plan Affect You?

What would you do if $10,000, or even as much as $20,000, in federal student loan debt was wiped away completely? What is suddenly possible that might not have been before?

Those are the questions that millions of borrowers started to ask after President Biden announced his student loan forgiveness plan. The president issued an executive order on Wednesday that cancels up to $20,000 worth of federal student loans for millions of borrowers: Single people that earn under $125,000 annually will qualify for $10,000 in debt cancellation, and people who received Pell Grants qualify for an extra $10,000 in debt cancellation.

As soon as the plan was announced, people began talking and posting online about what this might mean for them and their families.

Article source: https://www.nytimes.com/2022/08/26/business/student-debt-reader-response.html