Biden Announces $10K Student Loan Forgiveness Plan, Extends Payment Pause Until 2023

Biden also extended the current moratorium on student loan payments through the end of the year.

Borrowers with undergraduate loans will be able to cap repayment at 5% of their monthly income.

Republican Sen. Mitt Romney introduced legislationto block Biden from forgiving debtbut the bill never advanced in the Democrat-controlled Senate.

Read more:Student Loans Have Been Paused Again but You Should Probably Keep Making Payments Anyway