Last week, President Biden laid out a sweeping plan to cancel up to $20,000 in federal student loan debt per borrower. To get that maximum, individuals must earn less than $125,000 a year, or less than $250,000 a year for couples, and must have received a Pell Grant in college. Non-Pell borrowers who meet those income requirements qualify for $10,000 of forgiveness.
Beneath this seemingly straightforward plan, though, is a mountain of uncertainty about how, exactly, it will work. Naturally, borrowers have questions. Here are the answers we know so far:
