September 09, 2022 Issue

Washington, D.C. An activist holds up a sign thanking President Joe Biden for providing some student debt relief, during a rally in front of the White House on August 25. A day earlier, Biden announced that the Department of Education will cancel up to $20,000 in outstanding educational debt for Pell Grant recipients and up to $10,000 for other borrowers with federal loans, provided they make less than $125,000 a year or their total household income is under $250,000. The move fulfills one of Biden’s campaign promises and serves as his administration’s attempt to rein in the country’s $1.6 billion federal student loan problem. About one in five Americans have student loans, with 53 percent of borrowers owing less than $20,000.