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President Biden forgives $10,000 in student loans and $20,000 for Pell Grant recipients

Democratic presidential candidate Joe Biden speaks during a campaign rally in Philadelphia Saturday.
Drew Angerer
Getty Images
President Joe Biden on Wednesday announced sweeping student loan forgiveness, which will affect over 40 million Americans.

President Joe Biden took a major step on Wednesday by canceling $10,000 in student loans for borrowers making less than $125,000 per year, and $20,000 in student loans for Pell Grant recipients.

With the announcement, 43 million borrowers have had their student loan debt substantially lowered, while 20 million Americans will have their student loans completely paid off.

UMKC assistant sociology professor Joseph Workman, who specializes in equity in education, joined KCUR's Up To Date to break down the potential ramifications of the president's decision.

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