President Joe Biden is expected to announce today that many Americans can have up to $10,000 in federal student loan debt forgiven. Here's what we know so far and what it means for people with outstanding student loans.
FILE - New graduates line up before the start of a community college commencement in East Rutherford, N.J., on May 17, 2018. President Joe Biden is expected to announce Wednesday Aug. 24, 2022 that many Americans can have up to $10,000 in federal student loan debt forgiven.NEW YORK — President Joe Biden is expected to announce Wednesday that many Americans can have up to $10,000 in federal student loan debt forgiven.
Interest rates will remain at 0% until repayments start. Under an earlier extension announced in April, people who were behind on payments before the pandemic will automatically be put in good standing.Details are yet to be announced, but only people making less than $125,000 a year are expected to qualify. People who borrowed through most federal student loan programs are likely to be eligible, while those who have private loans issued by banks or schools probably won't be.
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