President Joe Biden of the United States said on Wednesday that his government will cancel student loan debt for certain borrowers and would prolong a moratorium on student loan repayments until December 31 of this year.

On Twitter, Biden announced that his government would forgive $20,000 in student loan debt for Pell Grant recipients and $10,000 for individuals who did not obtain Pell Grants. The plan is available to those earning less than $125,000 per year.

Source: Reuters

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