How to qualify for Biden's student loan forgiveness plan

How to qualify for Biden's student loan forgiveness plan

On August 24, President Joe Biden announced his plans to cancel some of the student loan debts.

Biden's new plan applies to federal student  loan borrowers.

Borrowers who make less than $125,000 yearly, married couples or household heads will have upto $10,000 of their student loan forgiven. 

Those who did receive the Pell grant will have up to $20,000 of student loan debt forgiven.

In a few weeks, the Biden administration will launch an application for borrowers to provide their income information.

The application will be available before the federal student loan repayment pause ends on December 31.

The repayments will begin again in January 2023.

There's a proposal to create a new income-driven repayment plan where borrowers pay  up to 5% of their  monthly income.