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.’ bold action is a strong step in Democrats’ fight to expand access to higher education. By delivering historic targeted student debt relief to millions of borrowers, more working families will be able to meet their kitchen table needs as they recover from the pandemic.
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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 Biden Administration's Student Loan Debt Plan:

Forgiving debt:
$20,000 if you went to college on Pell Grants
$10,000 if you didn't receive Pell Grants

Forgiveness only applies to those earling less than $125,000

Student loan pause extended one final time through Dec 31, 2022

Payment based on income:
If you have undergraduate loans, you can cap repayment at 5% of your monthly income.
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This action will help those most in need, easing a financial burden disproportionately harming women and people of color. Guided by ' commitment to justice and equity, Democrats are opening the gates of higher education for those who have long been left behind.
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Our American Rescue Plan invested nearly $40 billion in colleges and universities – with substantial funding for Minority Serving Institutions. Democrats secured a $400 increase in the maximum Pell Grant, and our CHIPS & Science Act is widening the pathway to a STEM education.
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