More than 40 million could benefit from student loan forgiveness

President Joe Biden announced a student loan forgiveness plan that could help more than 40 million Americans, according to a story from the Associated Press. The plan erases $10,000 in federal student loan debt for those with incomes below $125,000 a year, or households that earn less than $250,000. For those who received Pell Grants to attend college, the plan cancels an additional $10,000 in debt. Republicans denounced the plan as an insult to Americans who have repaid their debt and to those who didn’t attend college. Biden also extended a pause on federal student loan payments through the end of the year, with repayments to restart in January.