Explainer-How Biden’s student loan forgiveness will impact U.S. consumers

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WASHINGTON (Reuters) -President Joe Biden announced on Wednesday a long-awaited plan to cancel billions of dollars in student debt, making good on a campaign promise to aid debt-strapped younger Americans even as some Republicans argue the move could worsen inflation. HOW MUCH WILL BE CANCELED AND FOR WHOM? The government will cancel $10,000 in student loan debt for borrowers making less than $125,000 a year, or $250,000 for married couples. Students who received Pell Grants, low-interest federal loans to benefit lower-income college students, will have $20,000 of their debt canceled. Cancelli…

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