On Wednesday, President Biden announced an initiative to forgive up to $20,000 of outstanding

Student loan debt for those who have Pell Grant

And up to $10,000 for others in the same circumstance

Biden also opted to keep the partial federal student loan payment pause running through the end of the year

My Administration is announcing an initiative to ease healing for working and middle-class families 

In view of the impending resumption of federal student loan payments 

In January 2023," Biden noted in a tweet on Wednesday

U.S. Secretary of Education Miguel Cardona explained

Today, we are delivering financial aid to ensure borrowers are not placed in a more financially vulnerable 

Position as a result of the pandemic, and restore trust in a system

That should be creating opportunity, not a debt trap