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 dollars in student loan debt for borrowers who went to college on Pell Grants, and would forgive 10,000 dollars for those who did not receive Pell Grants.
The plan applies to those who earn less than 125,000 dollars a year.
He said he would deliver remarks on the plan at 2:15 pm (1815 GMT).
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