Biden unveils plan to forgive student loan debt for a subset of Americans

President Joe Biden on Wednesday announced a plan to cancel debt for a subset of Americans and continue to keep a pandemic-era pause on repayments

Joe Biden announced a plan to cancel student loan debt for individuals earning less than $125,000 a year,

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He said that many people are unable to buy homes or start a family because of their student loan debt.

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The Biden administration is offering relief to 43 million student loan borrowers, including 20 million who will have their debt completely canceled.

The administration is also extending the pause on student loan payments through  Dec. 31, 2022.

A Major cancelation of student loans may seem like a big step for Biden to take without Congress,

But legal and policy experts say it's well within the president's authority. Still, Biden could get taken to court.

The White House is about to ask the Education Department to do something that is extraordinarily difficult,

But for many borrowers and advocates for canceling student debt, Biden's policy would still be a cause for celebration.

Michigan teacher Nick Fuller is concerned that restarting payments on top of monthly living costs could put him over the edge. 

If Biden's announcement helps ease his financial burden, it could also aid a crippling teacher shortage.

Shareefah Mason, dean of Educator Certification at Dallas College, created a program that allows students to earn while they learn,

This will be Beneficial as it will Effectively reduce education debt for aspiring teachers.

Mason said the program could open more doors for minority communities.

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