President Joe Biden announced a sweeping package of student-debt relief, forgiving as much as $20,000 in loans for some recipients and extending the moratorium on repayments for four months until the end of the year.
Biden will also announce changes Wednesday to the current loan system, allowing borrowers with loans from their undergraduate years to cap repayments at 5% of their monthly income. He will detail his plans in a speech at 2:15 p.m. Washington time from the White House.
The $20,000 in debt forgiveness will apply to loans for those who also receive Pell grants. For most student-loan holders, the limit will be $10,000. That figure -- paired with a $125,000 income cap for individuals and $250,000 for households -- is in line with a level Biden has been weighing for several months.
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