President Biden’s new plan to cancel some student loan debt will impact millions of Americans. On today’s “Post Reports,” we learn how this program works, what it means for the economy and why some people are unhappy with this approach.

Read more:

Millions of Americans rely on the federal government to cover the cost of college. Soaring tuition costs, higher enrollment and changes to the federal lending system have all contributed to the $1.6 trillion in outstanding federal student debt.

This week, President Biden announced a plan to cancel up to $10,000 in federal student loan debt for many borrowers, and up to $20,000 for Pell Grant recipients.

National higher education reporter Danielle Douglas-Gabriel provides a walkthrough of who qualifies for the plan and the arguments for and against this massive debt forgiveness.

Strep A: Everything you need to know