The Biden administration is canceling up to $20,000 in student debt for Pell Grant recipients and up to $10,000 for individual borrowers who make under $125,000 per year, and it's extending the pause on repayments by four months, the White House announced on Wednesday.
Why it matters: The decision — which comes days before the Aug. 31 deadline when loan repayments were set to resume after a series of pandemic pauses — is expected to alleviate some of the debt burdens of 43 million Americans while also fulfilling a key campaign promise.
