According to the plan, anyone making less than $125,000 a year is eligible to have up to $10,000 in student loan debt forgiven. That number increases to $20,000 for those who went to college on Pell Grants.
Some borrowers will get the loan relief automatically while others will need to apply for it.
RBC FA Nora Yousif says the program is “going to be a logistical nightmare for the Department of Education. At the same time, she says the move by the Biden Administration could completely eliminate student debt for 15 million of the 40 million Americans with it.