The White House announced a student loan forgiveness plan Wednesday that will provide debt relief to millions of Americans. The measures will offer relief of up to $10,000 for most borrowers and up to $20,000 for borrowers with Pell Grants, which are provided to low-income Americans seeking higher education. The cumulative federal student loan debt has surpassed $1.7 trillion for more than 45 million borrowers, and the typical undergraduate student with loans now graduates with $25,000-$30,000 in debt. President Joe Biden said the measures are intended to help low-income and middle-class Americans who are the most burdened by student debt.
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