Biden Administration set to announce student debt forgiveness plan

The Biden Administration plans on announcing today student debt forgiveness. According to reports, the administration plans on forgiving $10,000 in student loan debt for millions of borrows who’s family income is below $125,000. More than 43 million people have federal student loan debt in the United States, with the average borrower holding approximately $37,000 according to the Education Data Initiative. The Outstanding federal loan balance is about $1.6 trillion.