The federal government will forgive $10,000 in student loan debt, President Biden said.
This is for Americans who make less than $125,000 a year
It also extends the time when they don't have to pay back their student loans.
It is thought that this plan will cost taxpayers $330 billion.
It's the most unfair, outrageous, and shameful thing that's happened in a long time.
The president is telling the people of the United States that they don't have to be responsible for the debts or loans they took out on their own.
His plan would also hurt the poor and cause inflation. It might also be against the Constitution.
Forgiving student loans helps those with higher incomes more than those with lower incomes.
The Penn Wharton Budget Model says that more than 70 percent of the debt forgiveness would go to households with incomes in the top 60 percent.