President Joe Biden in the East Room of the White House, Aug. 10, 2022, in Washington. (AP Photo / Evan Vucci, File)

Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness, Biden announced. For recipients of Pell Grants, the federal government would cancel up to an additional $10,000 in federal loan debt.

(WTTW News)

President Joe Biden’s coronavirus relief package could include canceling some student loan debt. What that could mean for borrowers — and the economy.