"The hoops of means-testing means that millions and millions of borrowers won't get help," warned one advocate.President Joe Biden is reportedly on the verge of announcing his plan to cancel $10,000 in federal student loan debt after months of delays, but not every borrower will be eligible for relief—and progressives are warning that the administration's commitment to mean-testing could leave millions of vulnerable people behind.
As soon as Wednesday, Biden is expected to make public his intention to unilaterally wipe $10,000 off the balances of undergraduate student loan borrowers with annual incomes of less than $125,000. The president is also poised to extend the student loan repayment freeze for"several more months,""If the history of means-testing in America is any guide, bureaucratic snarls will prevent vulnerable populations from receiving relief.
Groups representing borrowers cast the emerging details of Biden's plan as a betrayal.
The predominant concern among opponents of means-testing isn't that people with high incomes will be denied student debt relief; it's that people eligible and desperate for relief will get lost in the bureaucratic maze that income-based restrictions inevitably create.
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