The president Joe Biden on Wednesday unveiled his plans to deal with student loan debt. This is a debt-freeze for some borrower
It is believed that the Biden administration already cancelled more than $32 billion of $1.6 trillion in federal student debt
Here are some details CNN has learned about Biden's plan for the future, which includes the amount that will be forgiven and who's qualified.
The plan is applicable for federal students loan holders.
Amount of the debt that is canceled depends on whether the person who borrowed the debt has received the Pell grant to go to college.
Nearly 8 million borrowers could get debt forgiveness in the future due to the fact that FSA's Department of Education
The Biden administration is expected to launch an application over the next weeks to allow borrowers to submit the information about their income
Borrowers can sign-up for notifications about when applications are available at the department's Subscribe page.
Student loan repayments will be suspended until 30th December, 2022 beginning repayments at the beginning of January in 2023.