Borrowers who earn less than $125,000 a year would be eligible for the loan forgiveness, Biden said.
only heightened the anticipation for what his own aides acknowledge represented a vexing set of political and policy choices. The people spoke on the condition of anonymity to discuss Biden’s intended announcement ahead of time.The continuation of thecomes just days before millions of Americans were set to find out when their next student loan bills will be due.
The Biden administration plan would also raise the income floor for repayments, meaning no one earning below 225% of the federal poverty level would need to make monthly payments. During the 2020 presidential campaign, Biden was initially skeptical of student loan debt cancellation as he faced off against more progressive candidates for the Democratic nomination. Sens. Warren, D-Mass., and Bernie Sanders, I-Vt., had proposed cancellations of $50,000 or more.
A survey of 18- to 29-year-olds conducted by the Harvard Institute of Politics in March found that 59% of those polled favored debt cancellation of some sort — whether for all borrowers or those most in need — although student loans did not rank high among issues that most concerned people in that age group.“If the rumors are true, we’ve got a problem,” Derrick Johnson, the president of the NAACP, which has aggressively lobbied Biden to take bolder action, said Tuesday.
“Today’s announcement is an insult to every American who played by the rules and worked hard to responsibly pay off their own debt,” Sen. John Barrasso, chair of the Senate Republican Conference, said in a statement. Biden’s long deliberations have led to grumbling among federal loan servicers, who had been instructed to hold back billing statements while Biden weighed a decision.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden agencies appease providers with tweak to 'surprise billing' final ruleThe Biden administration appeased healthcare providers in finalizing a rule to limit costly 'surprise billing' for patients by allowing additional negotiation factors, such as a provider's experience or training, to be considered in out-of-network billing disputes.
Read more »
Biden student loan plan: $10,000 forgiven, $20,000 for Pell Grant recipientsBiden is also extending a pause on federal student loan payments for what he called the “final time” through the end of 2022.
Read more »
Biden to announce $10K federal student loan cancellation for many, extend repayment pause: sourcesPresident Joe Biden on Wednesday is set to announce his long-delayed move to forgive up to $10,000 in federal student loans for many Americans and extend a pause on payments to January, according to three people familiar with the plan.
Read more »
Biden canceling $10,000 in student loan debt for most, extending payment pauseBREAKING NEWS: President Biden announces he is forgiving up to $10,000 in federal student loan debt for millions of Americans and an additional $10,000 for low-income borrowers while extending a pause on monthly payments.
Read more »
Americans brace for Biden decision on student loan waivers, payment pauseWe explain where US President Biden's expected $10,000 student loan debt cancellation falls with Americans on either side of the political aisle and why the number might not be bigger
Read more »
President Biden expected to announce forgiving student loans, extending pause on paymentsPresident Joe Biden is set to announce his long-delayed move to forgive up to $10,000 in federal student loans for many Americans and extend a pause on payments to January, according to three people familiar with the plan.
Read more »