Student loan forgiveness: What to expect from Biden announcement

Student loan forgiveness: What to expect from Biden announcement

President Joe Biden is days away from announcing his student loan forgiveness decision.

Here’s what you need to know and what it means for your student loans.

Biden has already canceled $32 billion worth of student loans for over 40 million borrowers.

Student loan borrowers can expect $10,000 in forgiveness.

All federal student loan borrowers qualify for this wide-scale loan forgiveness.

The student loan interest rate is likely to remain the same regardless of whether the president cancels student loans.

An income threshold of $150,000 or $125,000 for each individual has been set.

An extension on the repayment schedule is also on the cards.