, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data.
As he tried to shore up support among younger voters and prepare for a general election battle against then-President Donald Trump, Biden unveiled his initial proposal for debt cancellation of $10,000 per borrower, with no mention of an income cap. Inside the administration, officials have discussed since at least early summer forgiving more than $10,000 of student debt for certain categories of borrowers, such as Pell Grant recipients, according to three people with knowledge of the deliberations. That remained one of the final variables being considered by Biden heading into Wednesday’s announcement.
“President Biden’s decision on student debt cannot become the latest example of a policy that has left Black people — especially Black women — behind,” he said. “This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020.”
Republicans, meanwhile, see only political upside if Biden pursues a large-scale cancellation of student debt ahead of the November midterms, anticipating backlash for Democrats — particularly in states where there are large numbers of working-class voters without college degrees. Critics of broad student debt forgiveness also believe it will open the White House to lawsuits, on the grounds that Congress has never given the president the explicit authority to cancel debt on his own.
I paid for my daughters education while her friends got student loans and went shopping with the money. My daughter did without because we couldn’t afford to give extra money. Now forgive student loans that were not used that way some of the time?
It’s a shame we are teaching generations how not being accountable. It would also be nice to get advice from financial advisers to find out what jobs make enough money to pay back the loan.
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Biden is on the verge of a student loan triumph. What's the holdup?The Biden administration is expected to reveal in the next week whether a pause on student loan payments will continue. thereidout A winner, except in the eyes of those who paid their loans and the taxpayers who can’t afford to be squeezed any more for spending on socialist experiments. thereidout Actually this is false and Biden knows it. Yeah you'll have a couple hundred of thousand very happy people who will get rid of their student loans but also several million people that will be pissed that these people are getting a free ride..not the political victory you think thereidout What’s the plan? What about the students who graduate next year, or the year after? Need to address the issue one of which is out of control costs especially for state schools.
Source: MSNBC - 🏆 469. / 51 Read more »
Biden set to announce $10,000 federal student loan cancellationPresident Joe Biden is soon 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.
Source: dothaneagle - 🏆 337. / 59 Read more »
Biden to announce cancelation of $10,000 in student loan debt, extend pause on repayments, reports sayThe Biden Administration is expected to announce a plan that will cancel thousands of dollars in student loan debt, and extend the ongoing federal student loan payment pause for several more months. Baruch Hashem!! He should get the taliban to pay for the billions of dollars worth of military weapons to pay for it. Pandering for mid-term votes.
Source: PhillyInquirer - 🏆 81. / 68 Read more »
Biden to make long-awaited student loan debt announcement on Wednesday, reports sayThe freeze on student loan payments is set to expire on Aug. 31, and President Joe Biden has been weighing whether to extend the pause, among other moves. Just cancel them all at this point POTUS Vote bribe.
Source: KTVU - 🏆 465. / 53 Read more »
Larry Summers warns student loan debt relief could worsen inflationFormer Treasury Secretary Larry Summers urged President Biden to let a student loan payment pause expire at the end of the month, warning that extending it could worsen inflation. So stiffing creditors on defaulted loans using taxpayers monies so rich MBA’s can buy more toys. Yeah that sounds like a Biden plan. ya think?! Increase inflation by forgiving student debt means 13% don't pay but 100% Americans pay through higher prices
Source: FoxBusiness - 🏆 458. / 53 Read more »
Student loan debt forgiveness won't give Biden, Dems the political, PR payoff they want: PerinoFox News co-host Dana Perino bashed the Biden administration Tuesday on 'The Five' for its expected cancellation of $10,000 in student loan debt per borrower. clownworld Wanna bet? Why doesn’t the GOP want to help Americans? VoteBlue2022
Source: FoxNews - 🏆 9. / 87 Read more »