Xavier Lorenzo/Getty ImagesHere's what: Biden's student-loan forgiveness plan was more generous than expectedOn August 24, President Biden announced his long-awaited plan for student-loan forgiveness: Individual borrowers earning less than $125,000 would receive $10,000 of forgiveness, and students who received Pell Grants (i.e.
low-income students demonstrating financial need) would receive an additional $10,000 for a total of up to $20,000 in forgiveness.
"Broad student-loan forgiveness can change the course of my life, and many people's lives.
Loan forgiveness is an investment in everyday people whose debt has held them back.
Private student loans don't qualify for forgiveness; 3 alternatives to consider if your debt is ineligibleYou can't get forgiveness with private student loans, unlike with their federal counterparts.