The plan would forgive up to $10,000 in federal student debt for individuals making less than $125,000 a year and married couples making less than $250,000 a year. Additionally, the student loans of income-eligible individuals who received Pell grants would be reduced by up to $20,000.
The Census Bureau’s recently released 2021 Survey of Income and Program Participation (SIPP) provides information about student debt balances as of December 31, 2020. Although loan balances would normally change over two years, pandemic policies allowed borrowers to temporarily pause payments without interest.
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