President Joe Biden has announced sweeping measures to lift a large weight off millions of low- and middle-income student loan borrowers by relieving debt and reforming the student loan system.
This announcement offers targeted debt relief to lower- and middle-income families as part of a comprehensive effort to address growing college costs.
The administration will provide $20,000 in debt relief to borrowers who received Pell Grants while they were in college. To qualify, a borrower's annual income must be less than $125,000, or $250,000 if they are part of a household. Borrowers who are not Pell Grant recipients but who meet those income thresholds will be eligible to receive $10,000 in relief.
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Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.