Biden announces student loan debt relief plan

U.S. President Joe Biden said on Wednesday his administration would forgive student loan debt for many borrowers and would extend a pause on student loan repayments until Dec. 31 of this year.

Biden said on Twitter his administration would forgive $20,000 in student loan debt for borrowers who went to college on Pell Grants, and would forgive $10,000 for those who did not receive Pell Grants. The plan applies to those who earn less than $125,000 a year.

He said he would deliver remarks on the plan at 2:15 pm (1815 GMT).