Joe Biden is planning to announce his $10k debt cancellation plan on Wednesday. The bill will cancel $10k of student loan debt and $20k for low and middle class income earners who previously received a Pell grant.
The loan relief will be grant ed to borrowers who earn less than $125k/year or families who earn less than $250k/year.
The Biden administration is also working on creating a more "generous" repayment plan to split monthly payments in half for undergraduate student loan borrowers.
Chuck Schumer, has urged Biden to provide as much "relief" as possible to borrowers in a call on Tuesday evening.