Video: How will Biden’s student debt forgiveness plan affect SU students?

President Joe Biden plans to institute $10,000 of student debt forgiveness per borrower as part of his plan to mitigate the student debt crisis. The $10,000 debt cancellation was originally included in Biden’s $1.9 trillion COVID-19 stimulus package but was removed during negotiations. However, the bill now includes a provision that would make any debt forgiveness passed before 2026 tax-free.

Some Democrats are encouraging Biden to sign an executive order canceling up to $50,000 of student debt, but Biden has drawn the line at $10,000. Biden also aims to subsidize education for students attending community college and public university, but not private universities.

Here’s what you need to know about Biden’s full student debt forgiveness plan and how SU students fit in the equation.