In August, President Biden announced he would provide student debt relief to lower and middle-class borrowers. Under the plan, eligible individuals would get up to $20,000 in student debt canceled if they received Pell Grants and up to $10,000 otherwise. The program is open to individuals who make less than $125,000 annually ($250,000 for married couples). The plan will benefit up to 43 million borrowers, and up to 20 million people will see their loans zeroed out.