Everything You Need to Know About Biden's Plan for Student Debt Forgiveness

President Joe Biden is using executive action to forgive some government student loans. It’s news many former students have been longing to hear. The move will help alleviate the weight on borrowers of $1.6 trillion in federal education debt, a figure that has more than tripled in the last 15 years.

The package is limited to those with annual incomes of less than $125,000 for individuals or $250,000 for households. It provides as much as $10,000 in debt relief for most borrowers and more -- as much as $20,000 -- for those who received Pell grants, federal awards to undergraduates who display exceptional financial need. As many as 43 million borrowers are eligible to benefit from the plan, according to the White House, which said the relief would cancel the remaining balances for almost half of them.