Borrowers who earn less than $125,000 a year may be eligible for loan forgiveness, and pause on payments may be extended
Millions of Americans were waiting to learn the fate of their federal student debt on Wednesday as Joe Biden prepared to deliver on his campaign promise to provide up to $10,000 in debt cancellation.
Details of the plan have been kept closely guarded, but borrowers who earn less than $125,000 a year would be eligible for the loan forgiveness, according to three people familiar with the decision. Biden is also set to extend a pause on federal student loan payments through January.