Biden announces $10K federal student loan cancellation for many, extend repayment pause

Derricke Dennis reports on the president's long-awaited plan to provide student debt relief for millions of Americans.President Joe Biden on Wednesday announced his long-awaited plan to deliver on his campaign promise to provide $10,000 in debt cancellation forBorrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness, Biden.

Still, the action is unlikely to thrill any of the factions that have been jostling for influence as Biden weighs how much to cancel and for whom. Current students would only be eligible for relief if their loans were originated before July 1, 2022. Biden is also set to propose capping the amount that borrowers pay monthly on undergraduate loans at 5% of their earnings.

Democrats are betting that Biden, who has seen his public approval tumble over the past year, can help motivate younger voters to the polls with the announcement. John Della Volpe, who worked as a consultant on Biden's campaign and is the director of polling at the Harvard Kennedy School Institute of Politics, said the particulars of Biden's announcement were less important than the decision itself.

The Republican National Committee on Tuesday blasted Biden's expected announcement as a "handout to the rich," claiming it would unfairly burden lower-income taxpayers and those who have already paid off their student loans with covering the costs of higher education for the wealthy.

All this does is incentivize irresponsible behavior by those who chose to take out a loan and then chose not to pay it off The only people who should be held accountable for this debt is those who willingly took on the debt This effectively punishes those who acted responsibly

Should be 100k

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Biden to announce $10K federal student loan cancellation for many, extend repayment pause: sourcesPresident Joe Biden on Wednesday is 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, according to three people familiar with the plan.
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Biden expected to make announcement on student loan relief on WednesdayIt's not yet clear what he'll announce. The pause on student loan payments is currently scheduled to end on Aug. 31.
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Biden to Announce Student Loan Forgiveness PlanPresident Biden is expected to announce Wednesday that he will cancel some federal student loan debt for tens of millions of Americans This is a terrible idea! WhiteHouse Nothing is free. They'll pay I'm another way.
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Biden nears decision on student loan cancellation, moratorium extensionThe president is expected to cancel $10,000 per borrower making $125,000 a year or less. (via NBC News) This should come with a 150 point reduction in their credit score for the next 7 years. that means everyone making less than 125000 that doesnt have student loan debt, can add 10000 to their tax return this year Biden’s move to cancel student debt would cost more than $300 billion, study says
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