President Biden has revealed a plan to cancel some student loan debt. He also provided an update on the extension of the existing payment pause. The Biden administration is supposed to cancel up to $20,000 in student debt for Pell Grant recipients and up to $10,000 for individual borrowers who make under $125,000 per year. This is good news for many people with student loans. They are extending the pause on repayments by four months as well. Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for households. Good deal.