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The Biden administration announced Wednesday that it will spend hundreds of billions of dollars to pay off at least $10,000 in federal student loan debt for each borrower, despite widespread worries that the move will worsen the inflation crisis.
Individuals earning less than $125,000 a year or families earning less than $250,000 will be eligible for up to $10,000 in debt cancellation, the Education Department said. Pell Grant recipients who met those income standards will be eligible for relief up to $20,000.
Pell Grants are typically awarded to students from low-income households to help them cover their college expenses.
Nearly 8 million borrowers may be eligible to receive relief automatically because the Department already has their relevant income information.
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