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    Biden is canceling up to $10K in student loans, $20K for Pell Grant recipients

    President Biden announced a sweeping effort to forgive up to $20,000 of federal student loan debt for Pell Grant recipients, and up to $10,000 for other borrowers making under $125,000 a year.
    by Cory Turner Aug 24, 2022 4 minutes
    More than two years ago, then-presidential candidate Joe Biden pledged to cancel at least $10,000 in federal student loans. The pledge has followed his administration ever since.
    Updated August 24, 2022 at 1:39 PM ET

    On Wednesday, President Biden announced a sweeping effort to forgive up to $20,000 of federal student loan debt for Pell Grant recipients, and up to $10,000 for other qualifying borrowers. Biden also extended the federal student loan payment pause through Dec. 31.

    "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," Biden said in a tweet on Wednesday.

    U.S. Secretary of Education Miguel Cardona said in a statement, "Today, we're delivering targeted relief that will help ensure borrowers are not placed in a worse position financially because of the pandemic, and restore trust in

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