![After Months of Speculation, Biden Announces Plan to Cancel Debt for Millions of Borrowers After Months of Speculation, Biden Announces Plan to Cancel Debt for Millions of Borrowers](https://chronicle.brightspotcdn.com/dims4/default/da53eb9/2147483647/strip/true/crop/5000x3333%200%200/resize/840x560!/quality/90/?url=http://chronicle-brightspot.s3.amazonaws.com/d7/f4/22f582764f968973dae359058317/lu-studentloans-0824-h-15707268.jpeg)
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After Months of Speculation, Biden Announces Plan to Cancel Debt for Millions of Borrowers
![After Months of Speculation, Biden Announces Plan to Cancel Debt for Millions of Borrowers After Months of Speculation, Biden Announces Plan to Cancel Debt for Millions of Borrowers](https://chronicle.brightspotcdn.com/dims4/default/da53eb9/2147483647/strip/true/crop/5000x3333%200%200/resize/840x560!/quality/90/?url=http://chronicle-brightspot.s3.amazonaws.com/d7/f4/22f582764f968973dae359058317/lu-studentloans-0824-h-15707268.jpeg)
Author: Adrienne Lu
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By Adrienne Lu
![](https://chronicle.brightspotcdn.com/dims4/default/da53eb9/2147483647/strip/true/crop/5000x3333+0+0/resize/840x560!/quality/90/?url=http%3A%2F%2Fchronicle-brightspot.s3.amazonaws.com%2Fd7%2Ff4%2F22f582764f968973dae359058317%2Flu-studentloans-0824-h-15707268.jpeg)
The plan would cancel $10,000 of federal student-loan debt for those earning less than $125,000 a year and $20,000 for those who also received Pell Grants.