$10,000

The amount of student debt that the Biden administration may forgive for borrowers who make less than $125,000 annually. Economists at the New York Federal Reserve estimate that forgiving $10,000 per student would amount to $321 billion of federal student loans and would immediately eliminate the entirety of student debt for 11.8 million, or 31 percent, of borrowers. The announcement could come as early as Wednesday, Aug. 24.