A sweeping change to the student loan debt program has fired up both sides of the political aisle. President Joe Biden announced the changes on Wednesday, forgiving up to $20,000 in student loan debt for millions of borrowers.
The Biden administration announced the steps to address the growing burden of student loan debt on millions of middle-class Americans. In addition to the debt cancellation, the plan also extends the current pause on student loan repayments until December 31. The Biden team was forced to act quickly on this part of the package because the pandemic-related extension was set to expire at the end of August.