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| There's big news for many Americans paying off student loans. It's Brett Molina with a special edition of The Daily Money. |
| President Joe Biden announced Wednesday he would grant student loan forgiveness for millions of borrowers who qualify. |
| Biden detailed his plans in a series of tweets, saying the government will forgive $10,000 in student loans or $20,000 if you received Pell grants. |
| Here's everything you need to know: |
| Who qualifies for student loan forgiveness? It will apply to borrowers making $125,000 a year or less. |
| How do borrowers apply? The Department of Education will have details soon on where borrowers can apply for forgiveness. But the Education Department said nearly 8 million borrowers are likely to get their loans forgiven automatically because the agency already has information about their income. |
| What about the pause on student loan payments? That will remain in effect until Dec. 31, 2022, said Biden. |
| What do you think about the loan forgiveness plan? Is it too much or not enough? How will it affect you? Email USA TODAY and share your thoughts. |
| Follow Brett Molina on Twitter: @brettmolina23. |
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