Biden announces student loan cancellation.

Yesterday, President Joe Biden formally announced an executive order for widespread student debt cancellation. The move comes after more than a year of internal debate by Biden and his administration, who were trying to execute one of his key campaign promises. In the end, the administration is going to wipe out $10,000 of federal student loan debt for any individual making under $125,000 per year, or any couple making less than $250,000. Borrowers who received Pell Grants (about 6 in 10 borrowers) and make less than $125,000 a year will be eligible for total forgiveness of $20,000.

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