What to know about Biden's student loan forgiveness plan
Delivering on a key campaign promise, President Joe Biden announced he would cancel at least $10,000 in student loan debt for millions of borrowers, as well as $20,000 to Pell Grant recipients.
Biden's plan only applies to federal loans. No private loans will be forgiven.
What if I have private loans?
Chris Quintana, Education Enterprise Reporter
Yes, it does apply to graduate loans held by the federal government, but not private loans.
Will this also include loans for graduate degrees?
Medora Lee, Money and Personal Finance reporter
The debt forgiveness is expected to apply only to those currently holding student debt.
What about those who already paid off? Are there any refunds back?
Medora Lee, Money and Personal Finance reporter
The application will be available no later than Dec. 31, when the pause on federal student loan repayments terminates.
How do we apply?
Medora Lee, Money and Personal Finance reporter
We aren’t sure yet when you will see the relief applied because it is still a proposal for now. A full list of proposed regulations will be published in the coming days on the Federal Register.