January 1, Biden Nears Final Decision on Student Loan Forgiveness

President Joe Biden is approaching a final decision on student loan debt cancellation.

“No decisions have been made yet — but as a reminder no one has been required to pay a single dime of student loans since the president took office,” said Vedant Patel, deputy press secretary.

A Washington Post report published on Friday said that the plan’s latest version would limit student loan debt forgiveness to individuals who earned less than $150,000 in 2021, or $300,000 for married couples.

Several sources previously told The Hill that Biden was considering canceling $10,000, as he supported during his 2020 campaign. Other Democratic lawmakers, including Senate Majority Leader Charles Schumer (D-N.Y.), have called for $50,000 in student loan forgiveness.

“I am not considering $50,000 debt reduction, but I’m in the process of taking a hard look at whether or not there will be additional debt forgiveness and I’ll have an answer on that in the next couple of weeks,” Biden said on April 28.

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Biden zeroes in on plan to cancel $10,000 in student loans per borrower