BIG STUDENT LOAN FORGIVENESS PLAN ANNOUNCED BY US PRESIDENT JOE BIDEN

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US President Joe Biden will cancel up to $10,000 in federal student loans for millions of Americans who earn less than $125,000 each year.

Biden will also forgive $20,000 of debt for students on Pell Grants, which applies to those in greatest financial need.

An estimated 43 million Americans owe a combined total of $1.6tn in federal student debt.

Nearly one-fifth owe less than $10,000.

The temporary student loan pause, first put in place in March 2020, will also be extended a final time until December 31 of this year.