[ad_1] President Biden announces plan to pardon $10,000 in student loans For all borrowers with less than $125,000 in annual income (250,000 for couples), Pell Grant recipients will be eligible for a $20,000 waiver. For many, the change will be even more lenient because last year’s American Rescue Plan Act (ARPA) makes loan forgiveness tax-free. But the facility could add more than $30 billion to the government’s cost. Typically, loan forgiveness is treated as taxable income. Imagine a hypothetical taxpayer with $50,000 per year in taxable income who had a…