initially gave Americans the option to suspend loan payments, and Congress made it automatic soon after. The pause was extended twice by the Trump administration and twice more under Biden. The Biden administration will freeze federal student loan payments through Aug. 31, extending a moratorium that has allowed millions of Americans to postpone payments during the pandemic.
Three people familiar with the plan told the Associated Press that it will forgive up to $10,000 in student loan debt for anyone who makes less than $125,000 a year. They spoke on condition of anonymity to discuss details of the plan before it is announced. Some categories of borrowers could be eligible for more relief, but that was still being discussed.
As he tried to shore up support among younger voters and prepare for a general election battle against President Donald Trump, Biden unveiled his initial proposal for debt cancellation of $10,000 per borrower, with no mention of an income cap. In his pitch, Schumer argued to Biden that doing so was the right thing morally and economically, said the Democrat, who asked for anonymity to describe a private conversation.
Although Biden’s plan is narrower than what he initially proposed during the campaign, "he’ll get a lot of credit for following through on something that he was committed to," said Celinda Lake, a Democratic pollster who worked with Biden during the 2020 election.
Who is going to pay this debt? You and me. Record high inflation, recession, new tax and spend Inflation Expansion Act. Now add on this new tax. DemocratsAreTheProblem Pay your OWN bills losers!
Buying votes with taxpayer dollars.
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