May 28, 2022

Biden Nears Final Decision on Student Loan Forgiveness

By T. Thompson In Finance, Latest News with Comments Off on 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.


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

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