President Biden to unveil details of Student Loan Debt Plan

President Biden is expected to announce today details of a program to cancel up to $10,000 in student loans for millions of Americans who earn no more than $125,000 a year. For Pell grant recipients, the waiver will reach $20,000.

The government administration will also halt student loan payments forfeited next week through December 31. The plan will be worth between $300 billion and $980 billion over the next 10 years, analysts predict. The project is expected to particularly benefit those entering the top 60% of American earners, Penn Wharton reported.

There is an ongoing battle in the media over the program's impact on inflation in the U.S.

Biden is expected to give a speech with further details this afternoon (USA). Source: White House