Presidents Biden will announce that the Government will forgive $10,000 in federal student loan debts.
WASHINGTON —Millions of dollars in federal student loan debts could be forgiven.
President Biden is set to announce that $10,000 dollars in student loan debt will be forgiven for millions of borrowers. The cancellation would be limited to borrowers with household incomes of $125,000 or less, and would apply only to those with federal loans, not private ones.
The action is also expected in include extending until January, a pause on federal student loan payments that were implemented during COVID. They are set to expire at the end of August.
Some economists are concerned that the risk of debt cancelation will aggravate high inflation rates.
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