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What student loans are eligible for forgiveness? Here’s a breakdown

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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.

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