President Biden announced his his long-awaited student loan cancelation plan and an extension of the moratorium on payments Wednesday.Biden was long expected to announce plans to forgive up to $10,000 in student debt for those making up to $125,000, which he did, but he threw in another provision - $20,000 of debt forgiveness for Pell Grant recipients. In addition, borrowers will not be required to pay back loans until January 2023, marking the fifth extension of the payment pause. Pell Grants are usually not repaid unless a student drops out early or does not take the proper number of credits.
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