President Biden announced yesterday that the U.S. government would forgive close to

$500 billion of federal student debt.

Our colleague Gabriel Rubin was watching.

What Biden announced was that anyone who holds federal student debt and makes under $125,000

will get $10,000 knocked off of their balance.

And if they received Pell grants, they'll get $20,000 knocked off their student debt balance.

95% of the borrowers can benefit from these actions.

That's 43 million people.

We were skeptical that Biden was actually going to go ahead with debt cancellation and we

were even more surprised by what he ended up announcing, which is much larger than what

anyone was expecting.

How significant is this?

This is going to affect millions and millions of people.

Around 43 million people hold federal student loans and this will completely wipe out the

balances for 20 million of those people and other people will be a lot closer to fully repaying

their loans.

Would I think of Biden's plan to cancel $10,000 in student debt?

I love it.

We asked you, our listeners, how you feel about the announcement.

Hey, my name is Colby.

My name is Peter and I'm from New Hampshire.

This is Luke.

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