Photo: Getty Images
  /  08.24.2022

Today (Aug. 24), President Joe Biden is expected to make an announcement regarding the cancelation of student loan debt. According to CNN, borrowers who earn less than $125,000 per year will have $10,000 worth of debt forgiven. Borrowers who received Pell Grants may also receive loan forgiveness. Biden’s official announcement is scheduled for 2:15 p.m. ET.

According to the outlet, Pell Grant recipients will receive $20,000 in student loan forgiveness. A final payment freeze is also expected to last through the end of the year. Additionally, the president will reportedly agree to allow those with undergraduate federal loans to only be required to pay five percent of their monthly income. “In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,” Biden tweeted ahead of the scheduled announcement. He added that he will “have more details this afternoon.”

There have long been calls for Biden to resolve the issue of student loan debt. Yesterday (Aug. 23), the ACLU urged the president to cancel student loans to close racial wealth gaps. “Student loan payments are set to restart in 8 days. [Canceling] these payments would help close the racial wealth gap while providing much-needed relief to millions of Americans. Biden must cancel student debt NOW,” the organization tweeted.

United States Senator Bernie Sanders echoed the calls for student loan debt cancellation. “If SoFl, a student loan refinancing company, could give its CEO a 92% raise last year paying him a grand total of $103 million in compensation and spend $625 million to put its name on the LA Rams football stadium, you know what President Biden can do? Cancel all student debt,” Sanders wrote.

As we await the official details from President Biden, he tweeted that more information can be found at StudentAid.gov/DebtRelief.

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