President Joe Biden on Wednesday confirmed reports that his administration plans to cancel $10,000 in student-loan debt per borrower for individuals making less than $125,000 a year, with forgiveness of up to $20,000 for recipients of Pell Grants. “In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023. I’ll have more details this afternoon,” the president said in a tweet, referring to a speech scheduled for 2:15 p.m. Eastern.
