WASHINGTON (AP) – Millions of Americans are waiting to learn the fate of their federal student debt as President Joe Biden prepares to deliver on his campaign promise to provide up to $10,000 in debt cancellation.
Details of the plan have been kept closely guarded.
But borrowers who earn less than $125,000 a year would be eligible for the loan forgiveness.
That’s according to three people familiar with the decision, expected to be announced Wednesday.
Biden is also set to extend a pause on federal student loan payments through January.
Legal challenges are almost certain to come.