payments for all borrowers until Dec. 31, capping months of anticipation over a campaign promise to provide economic relief to millions of people, according to four people familiar with the announcement.
The question of how far the United States should go in providing debt forgiveness — and who should benefit from it — emerged as one of the more contentious issues for Biden and exposed deep divisions in the White House. Across the United States, 45 million people owe $1.6 trillion for federal loans taken out for college — more than they owe on car loans, credit cards or any consumer debt other than mortgages.
Many Democratic lawmakers and progressive groups had argued that addressing economic racial disparities would require forgiving $50,000 of debt, citing reports showing that Black and other nonwhite borrowers end up with higher average loan balances than their white peers. But inside the White House, Biden’s top aides were debating the political and economic ramifications of the decision. According to people familiar with his thinking, the president was concerned that loan cancellation would be seen as a giveaway that would be an affront to those who had paid their or their relative’s tuition.
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