Students, faculty and others walk down a campus path amidst a mostly empty University of California-Irvine campus Friday, Jan.
7, 2022. (Allen J. Schaben / Los Angeles Times via Getty Images) With news of President Joe Biden’s student loan forgiveness plan, in which up to $20,000 of student federal loan debt may be forgiven, many likely have questions about eligibility.
The president announced Wednesday that $10,000 in federal student loans would be forgiven for borrowers, and those who had a greater financial need and received assistance through Pell Grants could have up to $20,000 forgiven.
For those who have undergraduate loans, repayments can also now be capped at 5% of their monthly income. Biden also extended the pause on student loan interest for another four months, through Dec.