Biden announces student loan handout as national debt soars

President Joe Biden on Wednesday announced historic new steps to address student loan debt, which includes forgiving up to $20,000 for millions of borrowers and extending the payment freeze one final time until the end of the year. CNN reported.

Speaking at the White House on Wednesday, President Biden said that borrowers earning less than $125,000 a year would have $10,000 in student loan debt forgiven. For those who have Pell Grants, $20,000 in student loan debt will be canceled. Yahoo News is reporting.

The nation's federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data. Fox News reports.

The national debt, according to the Treasury Department, currently sits at $30.7 trillion. Fox News reported.

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