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US Student Loan Payments Resume in 2023, $10,000 in Debt Canceled Per Borrower, Biden Says

© AFP 2023 / JEMAL COUNTESSStudent loan debt holders take part in a demonstration outside of the white house staff entrance to demand that President Biden cancel student loan debt in August on July 27, 2022 at the Executive Offices in Washington, DC.
Student loan debt holders take part in a demonstration outside of the white house staff entrance to demand that President Biden cancel student loan debt in August on July 27, 2022 at the Executive Offices in Washington, DC.    - Sputnik International, 1920, 24.08.2022
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WASHINGTON (Sputnik) - President Joe Biden on Wednesday confirmed that student loan payments will resume next year and at least $10,000 of student loan debt will be canceled for each eligible borrower.
"In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023," Biden said via Twitter.
The US government will forgive up to $20,000 for individuals who took out Federal Pell Grants while individuals who took out regular federal loans could get up to $10,000 in debt canceled, Biden said.
U.S. President Joe Biden signs  - Sputnik International, 1920, 16.08.2022
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Biden Signs Inflation Reduction Act Authorizing Billions in Funds for US Economic Change
The student loan forgiveness program being rolled out by Biden will only apply to individuals who earn an income of less than $125,000 a year.
Biden said he will provide more details on this issue during a press conference later on Wednesday.
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