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Student loan borrowers gather near The White House to tell President Biden to cancel student debt on May 12, 2020. Paul Morigi | Getty Images Entertainment | Getty Images President Biden's long-awaited plan to forgive student debt , announced on Wednesday, drew immediate pushback from some lawmakers and consumer groups even as they praised the historic measure. The White House said it would cancel $10,000 in federal student debt for most borrowers and up to $20,000 for recipients of Pell Grants, which are available to undergraduates based on financial need. The plan may eliminate balances for at least 9 million borrowers, according to higher education expert Mark Kantrowitz. Relief is limited based on income qualifications — to individuals with annual income less than $125,000 and year and couples earning less than $250,000. It also extends a "final" pause on loan payments through Dec. 31; that pause, in place since March 2020, has been extended seven times.   In a tweet,...

WASHINGTON — The Biden administration announced Tuesday it will cancel the remaining federal student loan debt for borrowers who attended ITT Technical Institute after finding that the for-profit college misled students. The move will automatically cancel $3.9 billion in loans for 208,000 students who attended ITT dating back to 2005, the Education Department said in a statement. “It is time for student borrowers to stop shouldering the burden from ITT’s years of lies and false promises,” said Secretary of Education Miguel Cardona. “The evidence shows that for years, ITT’s leaders intentionally misled students about the quality of their programs in order to profit off federal student loan programs, with no regard for the hardship this would cause.” The Education Department said the Biden administration has now canceled $32 billion in loans for students “whose institutions took advantage of them,” as well as for public service workers and disabled students. Biden’s promise for student ...