WASHINGTON – The Biden administration announced Wednesday that it will cancel up to $10,000 in student debt for borrowers who earn $125,000 a year or less and up to $20,000 for recipients of Pell Grants.
Couples who earn $250,000 a year or less and file taxes jointly will also qualify for cancellation of up to $10,000 for each partner.
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The administration is also extending the payment pause on federal student loans for a final time through Dec. 31.
In a tweet, President Joe Biden said that he would provide further details on the announcement Wednesday afternoon.
Read more from NBC News.