But those actions fall short of a campaign pledge Biden made to more broadly cancel student debt. He's also facing pressure to do more from other Democrats who are urging him to cancel $50,000 per borrower.
White House officials are leaning toward canceling $10,000 in debt for every borrower who earns less than $125,000 a year, CNN reported earlier this week. His campaign proposal called for immediately canceling a minimum of $10,000 in student debt per person as a response to the pandemic, as well as forgiving all undergraduate tuition-related federal student debt from two- and four-year public colleges and universities for those borrowers earning up to $125,000 a year.
Most households would still not benefit even if the President did not put an income threshold in place. Only about 18% of households with incomes above $125,000 have student debt.Biden has consistently resisted political pressure to cancel $50,000 per borrower. In late April, he reiterated that if he did provide additional loan forgiveness, it would not be as much as a $50,000 reduction.
I'll just leave this here for all those republicans complaining that loan debt forgiveness should not be allowed. This was dug up by many good researchers & google ninja's. .
Here's my opinion: A) He shouldn't be forgiving any debt, just lower the interests rates. B) If he is forgiving, then he should forgive for everyone. C) For the people that saved and didn't need loans, their tuition should be paid as well
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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. Where's my freakin refund I payed my student I didn't get a handout. Your just trying to buy votes Biden. While you create a spoiled generation of young people. Your just a junky president. I'm eligible! 😐. Wish i did make that or more...
Source: wsfa12news - 🏆 338. / 59 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.
Source: FOX10News - 🏆 581. / 51 Read more »
Biden to Forgive $10,000 in Student Debt, Double for Pell GrantsPresident Joe Biden is poised to announce a sweeping package of student-debt relief, forgiving $10,000 in debt for borrowers who earn less than $125,000 per year and $20,000 in debt for Pell grant recipients, according to people familiar with the matter. So those that did it right get punished. Those that chose not to go and get in debt are punished. All taxpayers regardless of income, will be punished via the tax called inflation. Inflation punishes the poor. The dem way, let’s reward laziness and buy votes with taxpayer $ Whether one agrees with the economics of this or not, he is doing what he said he would do. Not a Biden POTUS fan, but this is the perfect decision Lower/Middle income students who chose a state school get their tuition paid off Snobby Mid/Upper-middle class private college attendees, who were too lazy &/or not smart enough to receive a scholarship, are not rewarded
Source: economics - 🏆 71. / 68 Read more »
Student loan forgiveness: Some to get $20,000 dismissed, how to see if you have Pell GrantsIt depends on how much you're making now, and what kind of aid you received in college. Biden is buying the votes of freeloaders & moochers, and responsible people are picking up the tab. I paid my way, i paid my kids way with no loan. I can tell you this: If you are person that took the loan and didn't pay it back, you will not get a job if i can help it. You have displayed irresponsible behavior by not being financially responsible.
Source: aldotcom - 🏆 82. / 68 Read more »
Biden is canceling up to $10K in student loans, $20K for Pell Grant recipientsBREAKING: President Biden announced a sweeping effort to forgive up to $20,000 of federal student loan debt for Pell Grant recipients, and up to $10,000 for others. Biden also extended the federal student loan payment pause through Dec. 31.
Source: KPBSnews - 🏆 240. / 63 Read more »
Biden forgiving up to $20K in student loan debtPresident Joe Biden announced Wednesday that his administration will forgive up to $20,000 worth of student loan debt for borrowers who received Pell Grants. “Idiocracy” is looking more and more like a documentary by the day. This does nothing until we have student loans reform. These loans are predatory. Why would we offer 18 year olds who haven’t worked loans or $100k+ and make it impossible to get rid of via bankruptcy etc. Good start but big changes needed
Source: kgun9 - 🏆 584. / 51 Read more »